Keeping cars

[downwardspiral]

We just went to a credit counseling session and were told that bankruptcy would be our best option. Whether is Ch. 13 or 7 we do not know yet.

In Chapter 7, could we keep our cars? My husband needs his car for work and so do I. We just got them in January. Our previous cars were leased.

THe credit couseling lady said they don't necessarily take everything away.

[Stilltheone]

We just bought my car in November (a Cadillac Escalade, of all the cars) and we were told that we can keep it. I felt kinda funny filing bankruptcy with that type of vehicle, but I still need a car. We were able to say that we wanted to keep it.

Good luck!

[downwardspiral]

So there was no question about the monthly payment? We pay $390 a month for each car

[Stilltheone]

Not so far....Our Escalade payment is $458/month. We were told that as long as we're current, we can keep the car.

In fact, the payment actually helped us not get into a Ch. 13.

[keepmine]

You've negative equity in the cars if you only got them in Jan. $390 isn't that outrageous of a payment. The big question is, are you current and be able to stay current on the auto loans? Also, if you're too negative, does it make sense to drag that liabilty through bk?

[downwardspiral]

We are current on our cars.

THanks for the info