I have a question, it does not pertain to my situation at all. MIL might have to file bankruptcy, disabled and her pension has run out. MIL and FIL income is well below median...probably 1/2. Anyways, they have a "camper/rv" that has a loan of 13,380 on it but they also put FIL 1976 Chevy Truck on the title as collateral. I have no idea what it's worth, maybe 2-5,000. They want to keep the truck (sentimental reasons) but would surrender the camper. The finance company told them they would release the title to the truck if they paid down to 12,000, that would be 1,380. They can not lose the truck....would it be ok for them to pay the 1,380 to get the title and then meet with bankruptcy lawyer (they'd get the money from a family member to pay it). What would the time frame be for this to be ok? They live in a mobile home, they are even willing to give that up. They are 60 years old. Any advise would be appreciated.
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I'd do nothing until they meet with the bk attorney. -
I 2nd that!! The first meeting is free and the worse thing they could do is so it and live to regret it. they should get advice first then make the decision after. goodluck!Chapter 7 Pro Se....Discharged Feb. 2006Comment
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I think I have them talked into meeting with an attorney first. She's suppose to schedule 2 consoltations today.Comment
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Absolutely have them meet with a couple of attorneys for options available to their circumstances. They may have pensions, 401k programs that are protected under the bk laws.
Let us know what they find out and we'll help from there.Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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