Hypothetical...
currently paying on a 2006 Malibu, current on my car note. when I file I Chap 7 BK, I will owe about $1200.00. it is worth between 6000 and 6500. it is in pretty fair condition, I'd say average, a few dings and a big scrape on the back bumper. but it runs great. I plan to continuing paying the note and I want to keep the car. I will have about 4 payments left the month I file. I am hoping to reafirm the car note to rebuild my credit as well.
the state exemption for autos in my state (Ohio) is $3750.00. also have wild card exemption available $1750, (which I don't think I need for household goods). can I combine those exemptions so I can keep the car? or is that even an issue if you are reaffirming?
what I don't understand is do I need to even use the auto exemption if I reaffirm the car note.
what does it mean to buy back the car if there is equity? if there is excess equity of $1000 or so, how do I give them the $1000.00? I will have my attorney's fees, the BK filing fee and that's about it. do I continue to make the car payments AND pay the equity in payments?
confused about the whole car thing. I want to keep this car. I live too far from my job to use public transportation. and I want to be debt free after the car note is paid off. so tired of the whole credit card game.
help!!
currently paying on a 2006 Malibu, current on my car note. when I file I Chap 7 BK, I will owe about $1200.00. it is worth between 6000 and 6500. it is in pretty fair condition, I'd say average, a few dings and a big scrape on the back bumper. but it runs great. I plan to continuing paying the note and I want to keep the car. I will have about 4 payments left the month I file. I am hoping to reafirm the car note to rebuild my credit as well.
the state exemption for autos in my state (Ohio) is $3750.00. also have wild card exemption available $1750, (which I don't think I need for household goods). can I combine those exemptions so I can keep the car? or is that even an issue if you are reaffirming?
what I don't understand is do I need to even use the auto exemption if I reaffirm the car note.
what does it mean to buy back the car if there is equity? if there is excess equity of $1000 or so, how do I give them the $1000.00? I will have my attorney's fees, the BK filing fee and that's about it. do I continue to make the car payments AND pay the equity in payments?
confused about the whole car thing. I want to keep this car. I live too far from my job to use public transportation. and I want to be debt free after the car note is paid off. so tired of the whole credit card game.
help!!
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