SORRY THIS IS LONG
I am looking at filling chapter 7 in Alabama. My wife was out of work for most of 2009 due to injury. Now we have a newborn. (not related to the injury at all). Between the injury and the economy crashing we got behind on bills. I already have worked 2 jobs since 2002. We are current on the house and want to keep it. We have 1 truck paid for with 175000 miles on it, and we have a suv which is financed with a company that I have 2 other loans with. My lawyer said the company wouldn't reaffirm on 1 unless we did all 3. So he suggested we get a loan to payoff the SUV $5000, or buy another car. I tried to get a $5000 loan from a local bank. Turned Down. I went to every BUY HERE PAY HERE lot in the 2 nearby towns, and they all wanted 900-1500 down.(i'm still trying to save the $1100 for bankruptcy). the deals were not good, they want 1500-2000 more than the value of the car plus a high interest rate. So i was online and found a website that said to give them a try they could get anyone finance from decent dealerships. By the time the deal was done i ended up with a $21000 SUV. 6 yrs @ 8.24 interest. i hate the feelings of guilt i have but it only has 50000 miles will be a good suv for my family.
My question is what will the judge or trustee think? It will be 2-3 months before I file.
I am looking at filling chapter 7 in Alabama. My wife was out of work for most of 2009 due to injury. Now we have a newborn. (not related to the injury at all). Between the injury and the economy crashing we got behind on bills. I already have worked 2 jobs since 2002. We are current on the house and want to keep it. We have 1 truck paid for with 175000 miles on it, and we have a suv which is financed with a company that I have 2 other loans with. My lawyer said the company wouldn't reaffirm on 1 unless we did all 3. So he suggested we get a loan to payoff the SUV $5000, or buy another car. I tried to get a $5000 loan from a local bank. Turned Down. I went to every BUY HERE PAY HERE lot in the 2 nearby towns, and they all wanted 900-1500 down.(i'm still trying to save the $1100 for bankruptcy). the deals were not good, they want 1500-2000 more than the value of the car plus a high interest rate. So i was online and found a website that said to give them a try they could get anyone finance from decent dealerships. By the time the deal was done i ended up with a $21000 SUV. 6 yrs @ 8.24 interest. i hate the feelings of guilt i have but it only has 50000 miles will be a good suv for my family.
My question is what will the judge or trustee think? It will be 2-3 months before I file.
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