Hello everyone, first time poster here. Just found this great forum this morning, and have been searching all day to find answers. Here is the deal:
My wife and I purchased a home in 2005 that has lost nearly half it's value (about 250k). She lost her job and our total income has been reduced by about 60% to 70%. Due to the current market conditions, we obviously cannot sell the house and downsize. So, we have been trying to shortsale. The bank dragged their feet to long with our qualified buyer, who eventually walked on the deal. They set a foreclosure sale date for a week after I found out the deal would not go through. We were forced to file a 13 in order to prevent a 3-day notice on our door.
Now here is my problem: We have two financed vehicles. One of them, we absolutely do not want to let go. We spent the last 10 years building credit and rising through our careers, and now we are losing our home, our credit, all the hard work. All we desire from all of it is to hang on to our little car that we love so much. We owe $30k on it, and it is worth about that much. The problem is the payment -- $725. Our attorney has told us that there is no way in hell the trustee would let us keep this car with a payment so high. After several difficult hours with his paralegal of working up a plan, we agreed to surrender the vehicle, and keep the other car which we really do not want. The payment on the other car is only $455.
The car we wish to keep is my wife's car. I traded my BMW in for a Honda Civic at the beginning of the year in an effort to downsize and save us from financial ruin. I recently purchased a relatively cheap motorcycle in belief that we could surrender the Honda in the BK, and I'd ride the bike every day. That, I figured, was a sacrifice I was willing to make in order to keep my wife's car.
However, the attorney says we can have a car payment of around $500, and a second car payment of around $350. However, a single car payment of $725 won't fly. Whatever, that's stupid if you ask me. The only reason I'm filing is to protect us from a deficiency judgment when the bank sells our house.
I've got half a mind to dismiss the BK right now so we can keep our car, refinance it to get the payment down under $500, then re-file again in 90 days. According to our attorney there is a 90 day window between dismissal and re-filing.
So, does anyone have any advice on what I could do to save this vehicle? It is all that we have to show for all our hard work, and it doesn't seem at all unreasonable to me for us to keep it. Help please? I feel like my attorney is actually against us, and sees us as dirtbags. I think he WANTS us to lose everything because of his political and personal beliefs, I haven't felt good about it since our last visit.
There has got to be a way.
Oh, we are in Nevada.
TIA
My wife and I purchased a home in 2005 that has lost nearly half it's value (about 250k). She lost her job and our total income has been reduced by about 60% to 70%. Due to the current market conditions, we obviously cannot sell the house and downsize. So, we have been trying to shortsale. The bank dragged their feet to long with our qualified buyer, who eventually walked on the deal. They set a foreclosure sale date for a week after I found out the deal would not go through. We were forced to file a 13 in order to prevent a 3-day notice on our door.
Now here is my problem: We have two financed vehicles. One of them, we absolutely do not want to let go. We spent the last 10 years building credit and rising through our careers, and now we are losing our home, our credit, all the hard work. All we desire from all of it is to hang on to our little car that we love so much. We owe $30k on it, and it is worth about that much. The problem is the payment -- $725. Our attorney has told us that there is no way in hell the trustee would let us keep this car with a payment so high. After several difficult hours with his paralegal of working up a plan, we agreed to surrender the vehicle, and keep the other car which we really do not want. The payment on the other car is only $455.
The car we wish to keep is my wife's car. I traded my BMW in for a Honda Civic at the beginning of the year in an effort to downsize and save us from financial ruin. I recently purchased a relatively cheap motorcycle in belief that we could surrender the Honda in the BK, and I'd ride the bike every day. That, I figured, was a sacrifice I was willing to make in order to keep my wife's car.
However, the attorney says we can have a car payment of around $500, and a second car payment of around $350. However, a single car payment of $725 won't fly. Whatever, that's stupid if you ask me. The only reason I'm filing is to protect us from a deficiency judgment when the bank sells our house.
I've got half a mind to dismiss the BK right now so we can keep our car, refinance it to get the payment down under $500, then re-file again in 90 days. According to our attorney there is a 90 day window between dismissal and re-filing.
So, does anyone have any advice on what I could do to save this vehicle? It is all that we have to show for all our hard work, and it doesn't seem at all unreasonable to me for us to keep it. Help please? I feel like my attorney is actually against us, and sees us as dirtbags. I think he WANTS us to lose everything because of his political and personal beliefs, I haven't felt good about it since our last visit.
There has got to be a way.
Oh, we are in Nevada.
TIA
Bankruptcy Wizard
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