Here is my situation, me and my wife currently own 3 cars;
Car #1 has a loan of 12K and book value of 13K, this one I'll keep.
Car #2 has a clear title and worth $5000 trade in value.
Car #3 has a loan of $4000 and after payoff it worth $6000 in trade in value.
Now that leaves me $11k in down payment towards $30K car.
I'm planning to file chapter 7 within 6 months and after purchasing the car I'm sure the new car will worth more than $2500 that my state allowance to keep the car.
Do you think the court/creditor will take my car???
The reason for buying a new car is that car #2 & #3 is well over 100k miles and afraid that I won't be able to buy a car after BK.
Thank you,
Car #1 has a loan of 12K and book value of 13K, this one I'll keep.
Car #2 has a clear title and worth $5000 trade in value.
Car #3 has a loan of $4000 and after payoff it worth $6000 in trade in value.
Now that leaves me $11k in down payment towards $30K car.
I'm planning to file chapter 7 within 6 months and after purchasing the car I'm sure the new car will worth more than $2500 that my state allowance to keep the car.
Do you think the court/creditor will take my car???
The reason for buying a new car is that car #2 & #3 is well over 100k miles and afraid that I won't be able to buy a car after BK.
Thank you,
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