I know this is similar to other questions asked but I need some advice.
My husband (sole income) has had steadily shrinking income (sales) and we had to decide just before Christmas to pay CC's or keep our home. We decided to try and keep our home. We needed almost $3k in repairs and tires with our '03 Toyota 4Runner with 203,000 miles in late January and without the $ or CC's to get the vehicle fixed, we decided to trade it (paid for) toward a new one before the CC's trashed our credit.
Two more months later and no turnaround in our family income, we are leaning toward Chapter 7 and meet the means test as per our 2008 and 2009 taxes.
My newest conundrum is what to do about our '05 Acura TL with 92k miles. We need 2 cars as my husband frequently travels across the state and we have 2 kids, 1 with special needs that I need to tend to in his absence.
We only owe about $900 on the car and would like to keep it. From our understanding of Chapter 7, we would be forced to give the almost paid for car to the trustee to liquidate and use the proceeds to satisfy our creditors.
He wants to trade it in on another new car '11 Hyundai, thus burying a majority of the equity since a new car loses value as soon as it is titled.
He has spoken to his Dad and he will co-sign if needed on the $14k balance on the new car.
My questions are:
Is there anyway to keep the paid for car without paying for it again?
Will the trustee frown on keeping both cars considering they are both new and purchased in last 30 and 90 days?
Will his 83 y/o Dad be entangled in our financial problems as a result of trying to help?
Our only other asset is 2.6 acres of unimproved undeveloped land covered with trees and wetlands in eastern NC that was deeded to us from my family in 2007. It is beside my brother and mother and worth no more than $10-15k. We would like to keep it or buy back from the court as it was a gift and we would be the black sheep that lost the family land. Any advice?
Thank you in advance for your time and help.
My husband (sole income) has had steadily shrinking income (sales) and we had to decide just before Christmas to pay CC's or keep our home. We decided to try and keep our home. We needed almost $3k in repairs and tires with our '03 Toyota 4Runner with 203,000 miles in late January and without the $ or CC's to get the vehicle fixed, we decided to trade it (paid for) toward a new one before the CC's trashed our credit.
Two more months later and no turnaround in our family income, we are leaning toward Chapter 7 and meet the means test as per our 2008 and 2009 taxes.
My newest conundrum is what to do about our '05 Acura TL with 92k miles. We need 2 cars as my husband frequently travels across the state and we have 2 kids, 1 with special needs that I need to tend to in his absence.
We only owe about $900 on the car and would like to keep it. From our understanding of Chapter 7, we would be forced to give the almost paid for car to the trustee to liquidate and use the proceeds to satisfy our creditors.
He wants to trade it in on another new car '11 Hyundai, thus burying a majority of the equity since a new car loses value as soon as it is titled.
He has spoken to his Dad and he will co-sign if needed on the $14k balance on the new car.
My questions are:
Is there anyway to keep the paid for car without paying for it again?
Will the trustee frown on keeping both cars considering they are both new and purchased in last 30 and 90 days?
Will his 83 y/o Dad be entangled in our financial problems as a result of trying to help?
Our only other asset is 2.6 acres of unimproved undeveloped land covered with trees and wetlands in eastern NC that was deeded to us from my family in 2007. It is beside my brother and mother and worth no more than $10-15k. We would like to keep it or buy back from the court as it was a gift and we would be the black sheep that lost the family land. Any advice?
Thank you in advance for your time and help.
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