Purchasing a car

[Horse of Course]

Hello,

I'm sure this has been answered a dozen times, but I thought it wouldn't hurt to ask again. We retained an attorney that we really like. We are waiting to file a day or two before foreclosure so that we can stay in our house a little bit longer. We will be surrendering our house and car that we are currently financing. We owe about $18,000 and the car is only worth $12,000. Our attorney has advised us to purchase a car soon before our credit score lowers. He said this car should be something that we could drive for the next few years while we are working to get a better credit score. It just seems so weird to be getting ready to file bankruptcy and going out and purchasing a car. Is our attorney giving us good advice?

Thank You

[keepmine]

Yep, it's pretty standard advice to get your transportation and housing needs taken care of prior to filing.

[Flamingo]

There was a posting just like this the other day - did you do a search on here? First can I tell you after going through our BK and having our marvelous attorney, if you like and trust your attorney and have retained him, you need to listen to what he tells you because besides you, he is the only one who knows your situation in and out and has all your financial information and best interests to take care of. He is giving you good advice to help you out. Once your score lowers, there is now way you will be able to touch another vehicle at a decent interest rate for some time. Since you are giving up the car you currently have, you will need transportation I am assuming. He is trying to get you into an affordable car while you can get one. If you wait, you will be out of luck. And the car will need to last a while because it will take several years with the foreclosure and BK on your records for your scores to be decent again.

Do a search on here - there are a zillion postings about this that can help you out....

[liz417]

Hi there,
Same advice my attorney gave me (I am filing ch 13). There's nothing wrong with planning your BK. I know it seems weird because by the time your visit a bk lawyer, you are at the end of your rope financially and to be told to purchase a vehicle, it's just weird...but follow the advice...

Good Luck!

[Horse of Course]

Thank you all for such good advice. I really like our attorney a lot, but I just had this nagging feeling that we shouldn't be purchasing a car when we're getting ready to file for bankruptcy. I know I really have to put my trust in our attorney or I will drive myself crazy.