Buying car BEFORE bk

[songbird81]

when you guys are talking about "state exemptions" aren't you referring to "equity" in the car? for instance, if you put $5000 down on a $20k car and financed the rest, you'd have $5000 in equity---which is more than most states will allow.

BUT, if you financed the full $20k with zero down, you'd have no equity in the car and it should be allowable---right?

Am I thinking about this the right way?


(I sure hope so)

Yes, that is correct.

[twuoo]

I bought a car this Feb for around $3K, under the state exemption. I even had a friend who knew how to fix cars go along with me to inspect it and he said it drove fine. Well, since then, I've had to drop over almost $4500 (maybe more) in repairs. I've put so much in repairs on this car, I can't just sell it or I'd never get my money back out of it. I feel like I'm in a pinch cuz it's got 150K miles and more repairs are on the horizon. If it lasts me another 2 yrs, I'll be thrilled, but I'm not holding my breath.

Wish I had known/realized about the zero down, cuz I had a cs of around 720 and now it's in the mid 500's.

I can't even get approved for a Kohl's charge card....lol.