Hi, I've been browsing around here for a while, great forum and so informative!
I have a call into my lawyer but unfortunately he is so busy that sometimes it takes a day or two to get a call back. I thought possibly I could get my question answered here. We have just started the process of filing a Ch7, making payments and should be filed in about 2 or 3 months.
We sold 1 car and 1 motorcycle that we owned outright a few months ago and would like to take that money to buy a vehicle for me since I will be surrendering my van. We can definitely use that cash from the sales of the other vehicles for living expenses and medical bills so I'm not too concerned about those sales presenting a problem down the road. They were sold to people we did not know and were for fair market value.
My parents were willing to co-sign but unfortunately because of all my charge-offs no one will finance me even with my parents cosigning.
The vehicle we would like is a $14k car, I know that in Minnesota you can have up to $3200 I think it is, in equity in a vehicle, how much is the wildcard that we can also use?
I can also get the money from my ex and buy it outright in my name. We would just rewrite the last year of our alimony agreement that I am taking cash now in lieu of payments for a year.
My other option is that my parents are willing to buy the car in their names using their money and then letting me use it until I can start making payments to them after the BK is discharged.
I would prefer to buy it myself, would it be protected using the equity exemption and the wildcard? We really don't have anything else that the wildcard would need to be used for except maybe my engagement ring and I am okay with losing that is I have to. It is replaceable.
However I have 3 kids and we need a car.
So, use the cash from the vehicle sales to buy it in my name? Get cash from ex and buy in my name? Parents buy it in their name and let me use it?
Thanks for any comments or input.
I have a call into my lawyer but unfortunately he is so busy that sometimes it takes a day or two to get a call back. I thought possibly I could get my question answered here. We have just started the process of filing a Ch7, making payments and should be filed in about 2 or 3 months.
We sold 1 car and 1 motorcycle that we owned outright a few months ago and would like to take that money to buy a vehicle for me since I will be surrendering my van. We can definitely use that cash from the sales of the other vehicles for living expenses and medical bills so I'm not too concerned about those sales presenting a problem down the road. They were sold to people we did not know and were for fair market value.
My parents were willing to co-sign but unfortunately because of all my charge-offs no one will finance me even with my parents cosigning.
The vehicle we would like is a $14k car, I know that in Minnesota you can have up to $3200 I think it is, in equity in a vehicle, how much is the wildcard that we can also use?
I can also get the money from my ex and buy it outright in my name. We would just rewrite the last year of our alimony agreement that I am taking cash now in lieu of payments for a year.
My other option is that my parents are willing to buy the car in their names using their money and then letting me use it until I can start making payments to them after the BK is discharged.
I would prefer to buy it myself, would it be protected using the equity exemption and the wildcard? We really don't have anything else that the wildcard would need to be used for except maybe my engagement ring and I am okay with losing that is I have to. It is replaceable.
However I have 3 kids and we need a car.
So, use the cash from the vehicle sales to buy it in my name? Get cash from ex and buy in my name? Parents buy it in their name and let me use it?
Thanks for any comments or input.
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