Give up the car or not???? WWYD?

[BkinTX]

Maybe I'm misunderstanding what some of you are saying, but a lender CANNOT repo a vehicle during bk. It's protected by the automatic stay.

You will be able to definitely keep the vehicle (and no pymts!) until discharge at the very least.

[debtmonster]

What happens if they do repo it anyway and have a disregard of the BK law? Is it tough luck for the debtor or can they have any recourse?

[bkmaggster]

Maybe I'm misunderstanding what some of you are saying, but a lender CANNOT repo a vehicle during bk. It's protected by the automatic stay.

You will be able to definitely keep the vehicle (and no pymts!) until discharge at the very least.

The stay can be lifted very easily. That's how the lender can repo during BK.

[BkinTX]

D'oh. I didn't think to mention that. This is why no one should listen to me, LOL.

We've had our vehicle the entire time.

Our 60 days was up yesterday so DH pulled the military decals and license plates and now we're just waiting.

[Calthius]

I imagine you you find a reliable car with less than 30k miles, working air condition, no rust, no dents for under $6,000... and something NOT 5 to 10 years old. You can buy Kia Sephia's, Hyundai Elantra's, Hyundai Accent's, Kia Rio's ALL DAY LONG and those cars are super reliable.

And really small. So hope you don't have a family.

[debtmonster]

And really small. So hope you don't have a family.

Nope, just me and my wife. Just because a person goes bankrupt doesn't automatically make you have a family.

Also, a Kia Rio, Hyundai Accent, Hyundai Elantra or similar cars can easily carry 4 people. There's no reason you can't carry young kids aged 6 to 13 in the back seat of a Hyundai Accent.

When I was a kid, my mom had small cars and my mom carted us around town with no problems in 2 door cars. We never had a 4-door car or SUV.

Granted carrying 2 kids around in an Expedition would be more comfortable than driving around in a Kia Rio, but it's not a show stopper.

Also, the automatic stay can be lifted, but you should try to get your attorney to fight or delay it for you to allow you more time to save up for a car.

Like I said before, when I told my attorney about the posts on here and asked him why people give back their cars after 60 days and why his clients can keep their cars longer, he said that's because the other attorneys don't fight it. Sure, if you just sit back and don't dispute anything, you'll have to give the cars back. Your attorney doesn't want to do anymore paperwork after he's filed everything. Now he just wants to sit back and let everything blow over and step out of the picture. My attorney isn't doing that.

My attorney also checks my credit report again to make sure everything shows up as discharged and that nothing is left open. Now THAT'S SERVICE!

I will give this attorney the test of time. If anyone here is from Dade County and wants to use him, send me a PM and I will reply back with his info.

Let's wait until after the discharge first and see how long I can actually keep my cars, if at all.

[BkinTX]

I don't want to keep the vehicle we are giving up for a longer period of time. It's not ours. We don't own it. I don't want to have to keep it in the driveway and keep insurance on it.

We all have different goals and needs.

[BkinTX]

Oh but yes, your lawyer is much better than everyone else's. He is definitely going out of his way to hook you up.

You are so smart.

[debtmonster]

I don't want to keep the vehicle we are giving up for a longer period of time. It's not ours. We don't own it. I don't want to have to keep it in the driveway and keep insurance on it.

We all have different goals and needs.

Stop thinking morally and think BUSINESS.

When your boss fires you, he doesn't care about it being the right thing to do or care if you have a family to support or bills to pay.

The longer you can keep the car, the longer you can drive without car payments! No matter what car you have, you're going to need to keep insurance on it and keep putting gas in it.

If you had a payment of $400/mo. and your attorney could keep you in that car for 12 months without making a payment, that's $4,800 you could save up to put down on a car a year later once you're attorney can't stall anymore.

THINK BUSINESS!!

[BkinTX]

1. Can't get fired.

2. Already have a back up car. We have NO car payments.

3. Have 3 vehicles insured. When the bk'ed vehicle goes back we will only have to insure 2 = more money in our pocket.

4. There are 2 drivers in our family and 3 cars. We can't possibly drive them all.

That IS business.

[debtmonster]

1. Can't get fired.

2. Already have a back up car. We have NO car payments.

3. Have 3 vehicles insured. When the bk'ed vehicle goes back we will only have to insure 2 = more money in our pocket.

4. There are 2 drivers in our family and 3 cars. We can't possibly drive them all.

That IS business.

Sorry, I thought it was your ONLY car. Then by ALL MEANS, DUMP IT! No point paying insurance on an extra car. Sorry.

[BkinTX]

No worries.

Like I said, it's different for everyone.

[coffee]

And really small. So hope you don't have a family.

Yup I'd need something that is at least a 7 passenger.

The lawyer said the car lein holders would ask for a lift of stay immediately and chances are would repo the car within 6 weeks of their notice of filing.

[debtmonster]

Yup I'd need something that is at least a 7 passenger.

The lawyer said the car lein holders would ask for a lift of stay immediately and chances are would repo the car within 6 weeks of their notice of filing.

Wow, that's quick.

My sister is also looking for a 7 or 8 passenger vehicle. After researching Edmunds.com, the Dodge vans had tons of complaints. A better alternative would be to look for a Toyota Sienna. Did you hit Auto Trader for one of those? We found some 2007's and 2008's for under $17,000 to $18,000.

[Strapped4Csh]

Also, a Kia Rio, Hyundai Accent, Hyundai Elantra or similar cars can easily carry 4 people. There's no reason you can't carry young kids aged 6 to 13 in the back seat of a Hyundai Accent.

When I was a kid, my mom had small cars and my mom carted us around town with no problems in 2 door cars. We never had a 4-door car or SUV.

Granted carrying 2 kids around in an Expedition would be more comfortable than driving around in a Kia Rio, but it's not a show stopper.

Ah yes -- I remember growing up with my older brother and I in the back of a dodge omni everywhere we went for many years. We survived it. Of course in those days, if you got a car with every option it meant that you got power windows, power locks, a cassette player and MAYBE a sunroof, so things were a bit different. I'm not sure that there are many new cars out there with manual windows and locks nowadays.

It seems like society (myself included) has really blurred the line between want and need. My wife was mortified at the suggestion of giving up our minivan in the BK (I will miss it - it's like driving a couch), but the bottom line is we don't need it. If we decide after a while that we really WANT one, we'll buy one used at an affordable price.

To weigh in on the original question - there are plenty of good used cars out there relatively cheap. Give up what you've got now, and buy something else. Even if you get something for under $1,000 it will buy you some time to stash away more money to get something nicer down the road.