I am surrendering 2 vehicles that have high monthly payments and are unable to keep up with the payments. I am thinking that my husband and I will be receiving around 2500 tax refund, which 800 of it will go to IRS back taxes. I also just recieved 2500 dollars from student loans in the mail, which 1800 of it will go to my attorney. Which leaves about 2400 for a vehicle. So my question is.. Since I am surrendering all of my vehicles, can I buy a vehicle cash before I file Ch7? We need to have a car. Also, how long does it take for the creditors to want to take the cars back after you file Ch7?? I am in Florida btw. Thanks!
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If you pay cash for a car, after you file Chapter 7, there is a chance the trustee will sell it, pay you your exemption, and give the rest to creditors. Make sure your exemption is high enough for the trustee not to want to take your car.
Using your student loan, which is not dischargable in bankruptcy, to buy a car and not to pay for school expenses doesn't seem like a good idea.
See what your attorney recommends.
Good luck!Filed Chapter 7 July 2010
Attended 341 September 2010
Discharged November 2010
Closed November 2010 -
You may wish to review this thread before you talk to your lawyer about a new purchase.
If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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