Keeping my car, They can get if I do or don't.

[etechjc]

Up against a dillemma. I recently bought a 05 Ram 1500 that I like very much. I am current and will remain that way on payments. 4 years of payments left. Value of the truck is around $15K using kbb at PP value and currently owe $16K.

If I go for BR now I get to keep the truck. However it seems if I wait a year, Suddenly I have more than the $3K equity and TT wants to sell it.

Now, If I decide not to file BR and wait and see if any of the 4 cards im defaulting on or there collectors get judgement I risk losing the truck. creditors can suddenly take my truck and sell it to pay back there fees.

The truck is the only asset I am worried about, Since an appraisal of the house would show it $20K under water and itll be at least 7 years if not more till there is any equity in the house much less enough to get it passed the Missouri $5K exemption.

But as far as keeping the truck, I feel Im screwed if I do, Screwed if I don't unless I file within the next few months.

[newbie2]

Up against a dillemma. I recently bought a 05 Ram 1500 that I like very much. I am current and will remain that way on payments. 4 years of payments left. Value of the truck is around $15K using kbb at PP value and currently owe $16K.

If I go for BR now I get to keep the truck. However it seems if I wait a year, Suddenly I have more than the $3K equity and TT wants to sell it.

Now, If I decide not to file BR and wait and see if any of the 4 cards im defaulting on or there collectors get judgement I risk losing the truck. creditors can suddenly take my truck and sell it to pay back there fees.

The truck is the only asset I am worried about, Since an appraisal of the house would show it $20K under water and itll be at least 7 years if not more till there is any equity in the house much less enough to get it passed the Missouri $5K exemption.

But as far as keeping the truck, I feel Im screwed if I do, Screwed if I don't unless I file within the next few months.

It appears you are looking at the current value and expecting it to be the same one year from now. That won't happen, especially with a large truck. Think of it this way: The truck will be one year older plus have more mileage on it.

Also, even if you do have a bit more equity than can be exempted you can always pay the trustee the non-exempt amount.

[pcn]

I had 4k+ equity in our 2000 Explorer and 8k+ equity in my 2002 F250 that the trustee didnt even look at. I think it has a lot to do with getting the right trustee and how the rest of your case looks.

[etechjc]

Unfortunatly I don't think that I would get to chose my trustee. If I end up having to file and qant to buy the equity back can I make payments? And do I just buy back the equity or would I basically have to buy the whole truck again.

Newbie2, You have a point, I didn't think of the value a year from now. Especially with dodge upgrading all the new trucks to hemis for free, I imagine the old ones will go down in value pretty quick.

[pcn]

From what Ive read here if you have to buy back equity, some have done so over time. I didn't really get to "pick" my trustee, but the atty's can see who is drawing cases any given week and decide when to file in the strong likelihood that they get the one they want.