Hi, im losing my job in about 2 weeks. I will have to file BK. I currently have 2 vehicle leases both end in 2009, one in aug, one in oct. If im in a ch13, i understand how much trouble it will be to get a car once i turn mine in after the lease is up, and im not quite sure i will qualify for a 7 because of my income, i would have to wait about 5 months after layoff to file to get be at the median income for a 7.
Im able to trade the cars in a bit early, this could save me about $400-$500 a month if i got less expensive cars. But with trading in early, i would probably be rolling in about $4k per new car loan.
My other option is to just buy the cars with no trade in, assuming my current good credit would allow it, and then stop paying on the expensive cars, let them go in the BK that i file in a few months. This option would likely save me $600 a month in car payments.
What do you all think? Whats been your experience? Thanks for your answers!
Im able to trade the cars in a bit early, this could save me about $400-$500 a month if i got less expensive cars. But with trading in early, i would probably be rolling in about $4k per new car loan.
My other option is to just buy the cars with no trade in, assuming my current good credit would allow it, and then stop paying on the expensive cars, let them go in the BK that i file in a few months. This option would likely save me $600 a month in car payments.
What do you all think? Whats been your experience? Thanks for your answers!
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