My husband and I filed a Ch 13 in Dec. 06 and converted to a Ch 7 in May 07. We will be discarged next month.
My question is I have to keep my car. I have an 04 Saturn Ion that I owe around $7,000 and it is worth around that same amount. My interest rate on my car is 5% and my payments were $262.08 per month. I talked to GMAC and they said all they can do is give me 4 months to make up the arrears from the CH. 13. Which is around $3,000. So this would add around $500 a month to my payments for the first 4 months and then my payments would go back down to $262.08.
Honestly, I don't believe we could afford this. My attorney said we could take out a new loan on what we still owe and the financing company would pay off GMAC and then we would then owe them a new loan.
Just looking for any advice.
My question is I have to keep my car. I have an 04 Saturn Ion that I owe around $7,000 and it is worth around that same amount. My interest rate on my car is 5% and my payments were $262.08 per month. I talked to GMAC and they said all they can do is give me 4 months to make up the arrears from the CH. 13. Which is around $3,000. So this would add around $500 a month to my payments for the first 4 months and then my payments would go back down to $262.08.
Honestly, I don't believe we could afford this. My attorney said we could take out a new loan on what we still owe and the financing company would pay off GMAC and then we would then owe them a new loan.
Just looking for any advice.
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