Darn FL Car Issue

[AMISLANDER]

If I plan on filing & my only asset is my 2000 SUV, can I sell it to my mom for $1,000.00 and/or any $ amount? What's the real story with this kind of thing?

I might have to switch lawyers, mine hasn't filed my 7 yet, keeps trying to put me in CH. 13 & I have nothing but a car...I'm going home from work now, taking my pain killer for my ankle which I sprained on Sunday and going to bed.

[herekitty]

The real story on the vehicle is that it must be sold at fair market value - check out Kelley's Blue Book on line and do it that way. If you sell under value - especially to family that will be considered fraud. What kind of vehicle is it?

Have you written out your expenses? How much do you make? You might have to do CH 13 if you make a lot and own a little. You have to take into consideration how much everything costs and write it down, if you make under $100 after all available write-offs then you should be able to file CH 7.

Ouch - sprained ankle! Hope the pain killers help!

[AMISLANDER]

Darn FL car issue

The real story on the vehicle is that it must be sold at fair market value - check out Kelley's Blue Book on line and do it that way. If you sell under value - especially to family that will be considered fraud. What kind of vehicle is it?

Have you written out your expenses? How much do you make? You might have to do CH 13 if you make a lot and own a little. You have to take into consideration how much everything costs and write it down, if you make under $100 after all available write-offs then you should be able to file CH 7.

Ouch - sprained ankle! Hope the pain killers help!

I clear $1,500/mo. Out of that $700 to rent, $275 to child support, $299 to car insurance...my boyfriend helps out a little bit...I have no disposable income leftover!...

I owe $55K....in cc debt. from 2000-2002...boyfriend's fault & my own.

I just payed off my IRS taxes of $17K from 2001 to 2004...I didn't want to be in debt to the IRS!

I've been looking in the paper at cars for $1K there's not much...maybe a scooter?

I know it's time to stop being a "princess" in this situation but, gee, what kind of vehicle do "they" think you can get for a grand?

[herekitty]

Do you still owe money on the vehicle? You could "reaffirm" the loan and keep the car. I'm starting to wonder why ch 13? You need to make an indepth list of expenses, it doesn't really sound like you would have much left over. Does your boyfriend live with you? His money would be taken into consideration. Do you pay child support, or are you getting it? The way its stated - I say you pay, but just want to figure out why Ch 13?

When it comes to expenses, there is a bunch of calculators to help out but here's a brief list.

Groceries
Laundry
House items
Gas
Insurance
Car payment
Presents (pro-rated)
Lunches
Utilities
Cell Phone
Cable/Internet

If you add up all those, your available income will probably drop extensively.

When it comes to your vehicles worth - 2000 is kind of getting to be an older vehicle, does it need repairs? Get the KBB value and go to a mechanic and have an repairs estimated and then subtract that from the value for your equity. For instance if it's a 4DR Chevy Blazer w/80K miles on it the worth is $6000. Now if it needs $3000 worth of repairs, it's now only worth 3000. So then you could turn around and sell it to your mom for $3000 - but you'll need proof, ie the estimate from the mechanic and KBB value.

Go for another free consultation with a different lawyer and see if that helps and what they suggest. CH 13 really isn't that bad if you have to do it.

[Minnymouth]

Is your SUV paid for??

You stated you have no disposable income after expenses....????
BUT YOU ALSO SAID you recently paid off 17K in taxes to IRS... that means you have some disposable income from somewhere....??
Your lawyer is looking at what the Trustee is going to notice "where did you get 17k to pay IRS? Especially if done just recently?? That may be his reason for saying "Chapter 13"!!!
I noticed your car insurance is extremely high!!! $3600 a year is kind of steep......what's your age?? Are you considered "high risk"?? Maybe you can find cheaper insurance somewhere else!!

Get back with us,

Minny

[Minnymouth]

P.S
I drive a 1987 vehicle, still looks good, runs great!!! Not by choice, by necessity. Have had it since 1990.

May "hurt my feelings" - but "not my pocketbook".

Lawyer maybe telling you Chapter 13 in order to keep your vehicle. Its value can only be so much in Chapter 7.

Minny

[AMISLANDER]

Is your SUV paid for??

You stated you have no disposable income after expenses....????
BUT YOU ALSO SAID you recently paid off 17K in taxes to IRS... that means you have some disposable income from somewhere....??
Your lawyer is looking at what the Trustee is going to notice "where did you get 17k to pay IRS? Especially if done just recently?? That may be his reason for saying "Chapter 13"!!!
I noticed your car insurance is extremely high!!! $3600 a year is kind of steep......what's your age?? Are you considered "high risk"?? Maybe you can find cheaper insurance somewhere else!!

Get back with us,

Minny

The SUV 2000 4Runner is paid off...needs $3,500 worth of work (f/catalytic converters)
I had to take the money out of my SEP account to pay off the IRS...my lawyer knows about this...back in January

I had a DUI three years ago...my insurance just dropped from $400 to $300 this year...
I'm 43...I suppose a DUI would be high risk...I'm up for renewal in November but if I'm not keeping the SUV...I just have no clue anymore...

[AMISLANDER]

Darn FL Car Issue

Do you still owe money on the vehicle? You could "reaffirm" the loan and keep the car. I'm starting to wonder why ch 13? You need to make an indepth list of expenses, it doesn't really sound like you would have much left over. Does your boyfriend live with you? His money would be taken into consideration. Do you pay child support, or are you getting it? The way its stated - I say you pay, but just want to figure out why Ch 13?

When it comes to expenses, there is a bunch of calculators to help out but here's a brief list.

Groceries
Laundry
House items
Gas
Insurance
Car payment
Presents (pro-rated)
Lunches
Utilities
Cell Phone
Cable/Internet

If you add up all those, your available income will probably drop extensively.

When it comes to your vehicles worth - 2000 is kind of getting to be an older vehicle, does it need repairs? Get the KBB value and go to a mechanic and have an repairs estimated and then subtract that from the value for your equity. For instance if it's a 4DR Chevy Blazer w/80K miles on it the worth is $6000. Now if it needs $3000 worth of repairs, it's now only worth 3000. So then you could turn around and sell it to your mom for $3000 - but you'll need proof, ie the estimate from the mechanic and KBB value.

Go for another free consultation with a different lawyer and see if that helps and what they suggest. CH 13 really isn't that bad if you have to do it.

Let me try & explain why I'm filing.....cocaine....got divorced five years ago due to cheating spouse w/new baby & went off the deep end after my divorce. Had to go to joint custody with kids, instead of him paying me, now I pay him & he makes $14K a month and I make $1,400 a month...(I guess this is the way it is in FL...) Got alimony...blew it all....went through a few vehicles and ended up with my 2000 4Runner...and paid it off two years ago...

I just can not deal with buying back a car I already paid for...let these darn trustee people take it with it's $3,500 worth of repairs...I might just add another bump or two the way I feel....

My expenses way outweigh what I make and my boyfriend helps me from time to time...not all the time & not always dependable.

I work hard but there's no way I could afford $200/mo for the next five years for a CH.13....

I don't own anything of value at this time....My attorney is waiting to file until next month...

THis is the last issue for me ...and probably the hardest.

[Minnymouth]

Yes - you are high risk insurance - and so is the SUV (sports).
If the vehicle needs that much repair - the trustee will take blue book minus repairs and see what its worth..... (your only allowed so much for a vehicle in your state). You might be better off selling the SUV - Find a smaller economy car or truck until you can get your financial status under control....and your insurance will go down also....(at your age insurance - full coverage - should be around $1,000) so your definetely "high risk"...
You can file for Chapter 7 but U.S.Trustee - (not Trustee for creditors) can put you in Chapter 13 if your qualify - thats probably why your lawyer is suggesting it. Minny

[Minnymouth]

You need to visit 2 lawyers for consultations...compare to the one you have now.....see what they say....

Let us know, rememer, we all had to "hit rock bottom" too before we started digging our way out!!!

Good luck

Minny

[AMISLANDER]

Yes - you are high risk insurance - and so is the SUV (sports).
If the vehicle needs that much repair - the trustee will take blue book minus repairs and see what its worth..... (your only allowed so much for a vehicle in your state). You might be better off selling the SUV - Find a smaller economy car or truck until you can get your financial status under control....and your insurance will go down also....(at your age insurance - full coverage - should be around $1,000) so your definetely "high risk"...
You can file for Chapter 7 but U.S.Trustee - (not Trustee for creditors) can put you in Chapter 13 if your qualify - thats probably why your lawyer is suggesting it. Minny

If my expenses per month are greater than my income...I don't understand how I could be faced with filing CH.13...my lawyer thought I really wanted to keep the 4Runner...but faced with repair bill of $3,500...I don't think so!

I get a $1K vehicle allowance in FL.....when my boyfriend came home from prison (due to the whole cocaine time period), even his car ('89 honda accord was $1,500....

with the price of gas...the SUV has to go anyhow....

I think I'm just getting exasperated! Thank god I work! Thank god I have a job! And haven't lost my mind but I'm sure everyone here is going through the same thing....different things got us in this position but we've all ended up in the same place...

I know that CH.7 is the best...can you imagine the trustee asking me for proof of why I'm broke? I have my front page newspaper article documenting my decline into cocaine...explains everything...I could bring in my drug dealers....I'm sure it would be a side show event...but seriously, I'm just trying to clear up my last problem....going home and back to the couch to put up my ankle...sprain pain comes and goes...thanks for all the support so far!

[hhou812hh]

"I work hard but there's no way I could afford $200/mo for the next five years for a CH.13...."


Not that this will cushion the blow by much but the ch13 in it's current form is only 3 years. It's five under different circumstances. After Oct 17th it will be 5 no matter what.

I sold a 2000 SUV or actually traded it in for $3500 and I owed $9000 on it. Very upside down! It had high mileage, over 100k and had some problems. KBB said it was worth about $5000. Used car prices are falling rapidly since there is such a flood of them. This dealer isn't my friend, family, etc. If the trustee would happen to ask me about this price I would tell him/her the shape of the truck and that's all they would give me for it. They offered me $3000 and I spent an hour getting the extra $500. A ch13 trustee usually doesn't look into this in detail anyway like a ch7 one would.

[Luna]

If I plan on filing & my only asset is my 2000 SUV, can I sell it to my mom for $1,000.00 and/or any $ amount? What's the real story with this kind of thing?

I might have to switch lawyers, mine hasn't filed my 7 yet, keeps trying to put me in CH. 13 & I have nothing but a car...I'm going home from work now, taking my pain killer for my ankle which I sprained on Sunday and going to bed.

Since this vehicle is paid off....why dont you TRADE IT IN on a more fuel efficient car? Maybe get one that will require you to pay the same as what you are paying now for another 6-9 months so that your monthly expenses stay the same and you wont have any equity to worry about them liquidating it?? Find something that costs about $500 more than what the SUV is worth and finance that difference. Either way you think about it...youre going to get rid of the SUV whether the Trustee takes it or whether you get rid of it before it costs you repair money. So you might as well USE it to your benefit to get something feasible before you file. The sale and purchase is easily explained......you can no longer afford the gas or impending repairs that it requires.