I've been reading up for a bit on here and have learned a lot from you guys. So thank you in advance for taking the time to answer my questions.
I hired an attorney about 2 weeks ago to file chapter 7 bk. He was a bit pricey, but came highly recommended so I went with him. Plus he used to be a trustee in my state, so he knows his way around. However, he hasn't given me clear answers on a few things...
My wife and I own 2 vehicles, and plan to reaffirm one and let one go. The one we are letting go I am $5k upside down in, so my plan was to just go by the same car again after the discharge (08 Wrangler). I've heard from some people they have purchased before the discharge, is that true? That would seem to me not to be the right thing to do and could anger the trustee. I just went 30 days late on it, and since it looks like this thing is going to take about 5 months start to finish, I am concerned about not having a car as I would expect the bank will come repo the car before the discharge. If I am way off base here please let me know. I would rather not go buy a beater, by time I pay to register it and such, it would be more money then I care to spend. On average how long would it take for the lender to come repo my car?
The second issue is our house. We are currently about $70k upside down in it, and our attorney advised us to let it go. I initially hadn't considered this because I didn't want to go back to an apartment, however I've been looking into just renting a house. So assuming I include it in the bk, how would that work with the lender taking it back? Do you just vacate it after the discharge, or do you wait for the lender to contact you to get out after the discharge? I've heard of someone staying in their home almost 9 months after discharge, which seems a bit odd to me.
Again, thanks in advance for taking the time to help.
I hired an attorney about 2 weeks ago to file chapter 7 bk. He was a bit pricey, but came highly recommended so I went with him. Plus he used to be a trustee in my state, so he knows his way around. However, he hasn't given me clear answers on a few things...
My wife and I own 2 vehicles, and plan to reaffirm one and let one go. The one we are letting go I am $5k upside down in, so my plan was to just go by the same car again after the discharge (08 Wrangler). I've heard from some people they have purchased before the discharge, is that true? That would seem to me not to be the right thing to do and could anger the trustee. I just went 30 days late on it, and since it looks like this thing is going to take about 5 months start to finish, I am concerned about not having a car as I would expect the bank will come repo the car before the discharge. If I am way off base here please let me know. I would rather not go buy a beater, by time I pay to register it and such, it would be more money then I care to spend. On average how long would it take for the lender to come repo my car?
The second issue is our house. We are currently about $70k upside down in it, and our attorney advised us to let it go. I initially hadn't considered this because I didn't want to go back to an apartment, however I've been looking into just renting a house. So assuming I include it in the bk, how would that work with the lender taking it back? Do you just vacate it after the discharge, or do you wait for the lender to contact you to get out after the discharge? I've heard of someone staying in their home almost 9 months after discharge, which seems a bit odd to me.
Again, thanks in advance for taking the time to help.
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