Help Please!

[clb123]

I am over 50000 in cc debt. I have very little equity in my home that I have owned for 7 years. I had a business fail and my basement flooded in January. I am starting a new career that requires me to have a nice vehicle. The lease vehicle I have now will be way over the allowed miliage that will cost too much to pay. I am worried that I may have to file chapter 7. should I get another vehicle in place before my credit is ruined and give up the lease vehicle I have now in the bk? Any help will be appreciated.

[worriedbk7]

I would get another vehicle and then stop paying on your lease. Wait 3-4 months and then file. You would just have to give back your leased car which is what you want anyways. I am pretty sure that is how it all works. Maybe someone else will chime in and help.

[Minnymouth]

Just a thought!
You might want to "read" your lease papers on your vehicle, look at them closely.
Any purchase you make for a vehicle will look very obvious right now if you file. Of course your allowed a vehicle, but it's value is supposed to be around $2500 unless its new and now paid for and your going to reaffirm on it.
Also if you make a large downpayment on a vehicle they will question that, just as they would a big purchase right before BK.
Good luck, maybe someone else can throw some info towards you regarding this.

[tdooders]

We also had a leased truck but right before we filed we got a regular loan for it and got out of the lease. Just have to have the title for it when you go to your 341 meeting.