gave retainer to lawyer today

[brandy100973]

Hello everyone. I am new here and I really love this board. I have learned alot here. I met with my lawyer today and gave him the retainer fee. He said once I get the rest of the money we will file. I can not believe all the paperwork involved. He says I will get to keep my house since I am not behind and it is also in my husbands name. My husband is not filing. I am not sure what to do with my car. I dont know if I want to keep it or not. I still owe around 2 and half years and I could really use that money every month. The payment is $354.00 a month. At any rate I hope this process goes smoothly and thanks for all the great information you guys post on here..

Have a nice evening..
Brandy

[LuciluS]

Welcome Brandy!

Yes, there is a Lot of paperwork to be completed. Just take your time and you will get through it all.

As for your car, determine the value of it by kbb.com or nada.com and how much you owe on it. Make a list of the Pros and Cons on a tablet like need for a Car..how large the monthly payment etc. You will have a better understanding of whether you want to give it back or keep it.

Again, welcome.

Luci

[justplaintired]

Welcome!

I remember when we finally made the decision and paid our attorney, it was like now it's real, we are going to get ourselves back on track.

Lucilus idea is a good one, weigh out your options. If the payment is overwhelming you and you won't be better off if you keep it, now is the time to make this decision. Look around at cheaper cars, can you make do with something else right now? We are not discharged yet and we have been getting lots of preapproved car offers, so you won't be unable to get a car, it just might not be a brand new car. Personally we are keeping our older model cars for awhile, waiting out this rough economy, hoping dh's job will pick back up, or mine will get better. But for now, we want no car payments. So just make sure keeping that car won't keep dragging you down, once you have reaffirmed the car loan, you are stuck. So be sure you want to make that payment or are able to continue making that payment once the BK is behind you.

[frmrdwn]

Hello everyone. I am new here and I really love this board. I have learned alot here. I met with my lawyer today and gave him the retainer fee. He said once I get the rest of the money we will file. I can not believe all the paperwork involved. He says I will get to keep my house since I am not behind and it is also in my husbands name. My husband is not filing. I am not sure what to do with my car. I dont know if I want to keep it or not. I still owe around 2 and half years and I could really use that money every month. The payment is $354.00 a month. At any rate I hope this process goes smoothly and thanks for all the great information you guys post on here..

Have a nice evening..
Brandy

I am in the same boat with my car. I have to wait until April to file Chapter 7 when I can demonstrate that I am under the median income for Oregon for six months. Anyway, I am so upside down in my car loan ($300 per month for 5 1/2 more years) that I will probably surrender it. If the car ends up totalled after discharge, I think I would owe the entire amount left on the loan AND and have no wheels. Don't where I will come up with money for another car though. Do I pay $300 per month and take the risk? BK will solve many problems, but I am broke, broke, broke. Even a couple of thousand dollars is out of reach right now. Anyway, just thought I'd give you something else to think about. A totalled car and an outstanding loan would be a bummer.

[nc73]

I am in the same boat with my car. I have to wait until April to file Chapter 7 when I can demonstrate that I am under the median income for Oregon for six months. Anyway, I am so upside down in my car loan ($300 per month for 5 1/2 more years) that I will probably surrender it. If the car ends up totalled after discharge, I think I would owe the entire amount left on the loan AND and have no wheels. Don't where I will come up with money for another car though. Do I pay $300 per month and take the risk? BK will solve many problems, but I am broke, broke, broke. Even a couple of thousand dollars is out of reach right now. Anyway, just thought I'd give you something else to think about. A totalled car and an outstanding loan would be a bummer.

That's where gap insurance comes in, it covers the difference and you will owe nothing if you total the car.

[frmrdwn]

I completely forgot about gap insurance. Should probably have it now. Excuse me for hijacking your thread, Brandy. One more question on car insurance- it might pertain to your issue too. Has anyone had trouble finding insurance or had their rates raised after filing? I know insurance companies look at credit scores when determining rates, but does that apply to longtime clients as well? I don't want to raise any flags by calling and having them check my not-so-great and only going to get worse before it gets better credit rating. Will be filing in April.