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Car equity and bk question.

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    Car equity and bk question.

    Hi, new to forum and preparing for C7 bk filing. Don't have a atty yet but searching for one.

    I do have 2 car payments, combined are $781/month note. Positive equity on one is 6k and and 1.5k on the second.

    I have a 22.3k cc debt, and as of 4/18/09 only one of 7 cc 60 day past due, minimum payment set at $580. I cannot afford to pay that. 2 more cc are over limit, but making minimum payments(I think wont do that anymore, 29.9% is killing me), I'm getting that apr in 6 o them. $480/month in interests.

    My question is if I file now, will they take my two cars?, or not. Or should I sell them before filing. Could trade those two cars in for a more expensive truck which I could use for work and have a non positive equity and be safe or is that a mistake?. As of 4/2009 now I might be able to get a loan on a newer vehicle trading in the ones a have, basically don't want to lose the equity.

    Thanks.

    #2
    Originally posted by howIgothere View Post
    My question is if I file now, will they take my two cars?, or not. Or should I sell them before filing.
    Before we can help, we need to know which state you live in and will file in.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !

    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Originally posted by lrprn View Post
      Before we can help, we need to know which state you live in and will file in.
      Ok. I live and will file in Missouri, checked the mean test, and I'm below median so that makes me C7 eligible. Thanks for the help.

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