New to the forum need some advice on what to do with my car

[liftin2447]

Well I filed for BK about 2 weeks ago I have my 341 meeting on Feb 9. At the time I filed my attorney was working on trying to re-affirm my car because it has too many miles to go through the 722 redemption program. But no one has contacted them yet on re-affirming it so it looks like its not going to happen. I have no idea what I should do. When I was filing my attorney kinda hinted that I would be better off getting rid of my car I still owe about $10,000 on it and its only worth about $5,000 and it has 108,000 miles. But I have no other way to get another car and I need one because I will have no other way to get to work. My credit was bad already before the bankruptcy so it will be even worse after so me getting a loan for a car is probably slim to none and if I can't get a loan I only have about $3,000 to spend on a car and I need something reliable because my job is far from where I live.

Is there any other options that I am not seeing? I really have no idea what to do. If I were to include my car in the BK how long would I have to give it up and do I continue to pay my car payment during this time? And if I want to try and save money for a diff car and not pay my payment will they take it away? I currently pay $390 a month, also I just got into a car accident and my deductible is $1,000 and the repairs cost just under $1,000 to get fixed so I have to pay it all if I were to get it fixed. So anyone that can give me some advice or answer some of my questions I would greatly appriciate it thanks.

[jribe]

Well I filed for BK about 2 weeks ago I have my 341 meeting on Feb 9. At the time I filed my attorney was working on trying to re-affirm my car because it has too many miles to go through the 722 redemption program. But no one has contacted them yet on re-affirming it so it looks like its not going to happen. I have no idea what I should do. When I was filing my attorney kinda hinted that I would be better off getting rid of my car I still owe about $10,000 on it and its only worth about $5,000 and it has 108,000 miles. But I have no other way to get another car and I need one because I will have no other way to get to work. My credit was bad already before the bankruptcy so it will be even worse after so me getting a loan for a car is probably slim to none and if I can't get a loan I only have about $3,000 to spend on a car and I need something reliable because my job is far from where I live.

Is there any other options that I am not seeing? I really have no idea what to do. If I were to include my car in the BK how long would I have to give it up and do I continue to pay my car payment during this time? And if I want to try and save money for a diff car and not pay my payment will they take it away? I currently pay $390 a month, also I just got into a car accident and my deductible is $1,000 and the repairs cost just under $1,000 to get fixed so I have to pay it all if I were to get it fixed. So anyone that can give me some advice or answer some of my questions I would greatly appriciate it thanks.

$390 a month is a lot for a car only worth 5k- when you owe double that. I would honestly use that 3k as a down payment and go to a used car dealer and find something decent. On a 10k car- a 3k down is great! The interest rate may not be the best- but there's always dealers willingly to finance. You have to remember that people that have filed BK are basically the safest people to lend to- because you can't file again for another 7/8 years. Just check around- you'll find something! Good luck!
(oh besides- with the 722 redemptions- the interest rate's like 24%)