top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

just got a used car before filing!!!!!!

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    just got a used car before filing!!!!!!

    alright im a 20 yr old kid that had a super credit score of 710 last year....end of may to be exact...and now im worried about filing bk....i just got a used car from a bhph dealer... but hey i really needed a car for work...im trying to make this car last a long time...

    my mom is unemployed and i may have to take care of her and my sister, like pay rent, food until she finds a job...im pretty much going to be a family care taker....which is a different role for me.

    i have alot of debt maybe 30-50k i dont know, but do u think the court will go easy on me, i mean its not like i plan for my mom to lose her job and now she being evicted so now she needs a place... but with the car do i have to include them.. i mean i am planning on paying for it?


    thnks in advance
    Tags: None
    #2
    The trustee understands that transportation costs are a necessity. If you plan to keep the car, you may or may not have to reaffirm the car loan (depends on the lender and their rules) but as long as you plan on continuing to make payments on it, shouldn't be an issue. Actually wouldn't be an issue if you didn't plan on paying for it, it would just get returned to the lender as a secured asset.
    Filed CH 13 September 17, 2007
    Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!

    Comment

      #3
      You can reaffirm the car. They expect you to have a vehicle to get back and forth to work. The purpose of bankruptcy is to give you a fresh start; not financially cripple you by taking away your vehicle. Our lawyer told us that we didn't have to reaffirm our vehicle in BK, but to never be a day late with the payment if we plan on keeping it. If you reaffirm, you'll sign paperwork for the lender that will renew the car loan. If you don't reaffirm, you'll just keep making current and regular payments on the loan to keep the vehicle. Without a reaffirmation agreement, you can give them the car back if choose to later without having to worry about paying a deficiency balance.

      I think it is nice that you will help out your mom and sister. There should be more young men like you that put your family ahead of everything else.

      Good luck to you and your family.

      Comment

      Previous template Next

      bottom Ad Widget

      Collapse
      Working...
      X