Chapter 7 reaffirmation question

[ClippedWings]

This paragraph troubles me. Assigning such emotional value to a car will cloud your judgment through this process. A car is simply a car. evaluate your situation from a financial perspective not an emotional one. I can guarantee you if the car is gone tomorrow your seven year old will forget about it in 2 weeks.

I also hope you're not involving your seven year old in the bk process allowing him to think he may lose his toys.

You edited your post due to a typo while irritated. Can you imagine how irritated *you* would be if someone had written the above bolded statement to you?

I didn't offer moral judgment or child development advice. I could not care less what anyone on here's morals are, child raising skills are based upon or developmental issues are. I was trying to help you see your reaffirmation decision in a different light.

I'm done with this topic and your questions in general.

Good luck.

And I greatly appreciate that.

[OhioFiler]

You edited your post due to a typo while irritated. Can you imagine how irritated *you* would be if someone had written the above bolded statement to you?



And I greatly appreciate that.

They wouldn't have written that of me and I would not have been irritated either has someone done so. I would have laughed because I know where I stand. My teens don't know anything about our finances and I didn't ask them if they were willing to sacrifice their iPods or Xbox 360 so I could keep our car.

You're welcome!

[Tbornetun]

The thing is, even if the OP signed a reaff, I doubt a judge would sign off on it anyway. In that price range, the vehicle is considered a "luxury" vehicle. The judges stated flat out they will NEVER sign a reaff for a luxury car in our district. If the OP does get it to go through and ends up defaulting on the loan, they will get what they have coming. They don't "get it" when it comes to bankruptcy.

[whipster1]

Yep this OP needs to change the mindset that got them here. A car is transportation until you can afford more. A reaff like they are talking about would be met with sanctions against the attorney in my district.

[mamaluv]

What kind of car is it if you don't mind?? I'm not asking to be judgemental or anything just curious.

[hereforinfo]

I don't think the trustee will even allow you to reaffirm if you are not current on payments. As for redemption, I believe it comes with something like a 24% interest rate, so even IF they were to reduce the principal balance to $30k your payment would be $863/month. Do you actually think they are going to allow you to keep that and discharge all the other debt? Highly unlikely.

[marriedcat]

[poorold]

everyone goes through the learning process in bankruptcy.

for some, the most difficult thing to accept is they must actually change their lifestyle and that means no longer affording the house and/or cars...and that their friends, neighbors and co-workers will know.

people whose self-esteem is tied up in material possessions, other people's opinions or have some wierd sense of entitlement have the most difficult time adjusting mentally.

imagine if they threw us in work camps for 5 years to repay our debts.

lol.

[dspii]

everyone goes through the learning process in bankruptcy.

for some, the most difficult thing to accept is they must actually change their lifestyle and that means no longer affording the house and/or cars...and that their friends, neighbors and co-workers will know.

people whose self-esteem is tied up in material possessions, other people's opinions or have some wierd sense of entitlement have the most difficult time adjusting mentally.

imagine if they threw us in work camps for 5 years to repay our debts.

lol.

Well said.....perfect.....in general not this thread specifically

[Amy26]

Meh I am on the fence about this topic... I bought a new car prior to bankruptcy too but it was a Toyota Corrolla! But when I was at my 341, I was almost last so I got to hear almost everyone's 341.... they all had BMW's and Mercedes!!! The trustee was asking them "So, you're keeping your BMW?" or the other... and they all said YES. I think it depends on the area you live in... I live in a very stuck up rich area which is/was the most expensive area in the US to live and it seemed from my experience and others that the district here was very different in what they allowed and what was "luxury". Hell my rent payment is over 2,300 dollars.

However I also agree with everyone else about the upside down part of your car. To get that upside down on a loan would possibly stem from one or two things... either you have not so great credit and got a crappy deal on the loan or you like to trade in vehicles and had a lot of negative equity.

In going with the good spirit of "fresh start"... why wouldn't you just give the car up? You're 4 months behind... obviously the payment is a bit heafty for you. And the odds of you being able to redeem it or reaffirm it without someone saying HELL NO are very unlikely.

A car is intended to get you from point A to point B. I really don't see the facination with some people to have expensive cars. You don't live in your car...so why would you pay for one like it was a mortgage payment? There are so many better things you could spend your money on than a fancy car. I would rather spent money on a giant plasma TV!

I am not totally guilt free myself... last year before I moved out of the country I had a 2008 Acura TSX, which I loved...but I wasn't paying through the nose for it. My payment was less than 350 a month. I'm paying 393 a month for my Toyota now... so, I'd much rather have my Acura back!

Whatever you decide good luck! We all need a bit of luck and I understand wanting to at least hold on to one thing you love while you have to give up so much. But, you are really shooting yourself in the foot if you keep that car.

[shabam]

This particular car means a lot to my son (he's seven), and honestly, if it's the *only* asset we're able to keep, that will be fine by me. He said that he'll give up his bike, scooter, toys and everything else if it will help keep the car. He even said he'll go to work mowing lawns to make money to keep the car. I really would like to turn the keys over to him on his sixteenth birthday... that's why I bought the car in the first place.

Tell me you are just kidding right? As you stated, this is a bk forum so we are not here to judge someone, regardless of what they are teaching their kids. To the contrary though, we are here to assist each other through BK. If an individual came here and said I am considering keeping my Bentley, were not going to give them ideas on how to do so, as they are not here for the right reasons.

In short answer, no you cannot work the system and ram down a $49K car just so your son can keep it. You will either have to reaffirm it or pay it out. No other lender is going to cover a $30K car for a person who has just filed bk. This is BK after all. Probably also a great time to start teaching a kid about money and why they should not purchase things just to satisfy superficial insecurities.

I am not by any means trying to offend or even judge you but some people just need the cold hard truth. Better yet, a reality check.

[shabam]

everyone goes through the learning process in bankruptcy.

for some, the most difficult thing to accept is they must actually change their lifestyle and that means no longer affording the house and/or cars...and that their friends, neighbors and co-workers will know.

people whose self-esteem is tied up in material possessions, other people's opinions or have some wierd sense of entitlement have the most difficult time adjusting mentally.

imagine if they threw us in work camps for 5 years to repay our debts.

lol.

Exactly.

[RainMoM]

Did we ever find out what kind of "special" car this was ?? That's one lucky seven year old who can tell his parents don't sell the car, I like it.. who's to say he'll even like the car come next week muchless next year