Had to give my car to trustee

[peppylady]

Had to give my car to trustee today. My attorney said I had to wait for my $1,000.00 from the trustee and he says it could take weeks. I have no money to buy a car not even a cheap on under $1,000.00. I remember how hard it was to pay off that car. I just finished paying it off a year ago and I was so proud.I have no one to help me get around and I have no way to get to work.
I hate bankruptcy and I am so depressed. Don't know how I will even get to the store to by groceries. This is not a fresh start like they say it is. It is a total step backwards. I rather be dead!

[Dollar Bill]

Peppylady you gotta keep your PEP! Continue to look at the BIG picture, and know where your headed. Nothing but better days ahead of you. Make due as best you can for now, but know that things will soon turn around for you.

I hate to sound like some sort of psychic, but you just have to keep a positive attitude. Easier to be negative and angry that happy and positive...I know that certainly, but it will not help you...especially being DEAD!

Look forward to brighter new beginnings. That check will come right when you need it the most!

[TEW]

Peppylady
things will get better they always do. you will be a much stronger person when this is over. keep posting here let us know how your doing

[texanboy76]

I hope it gets better for you and keep your head up! What makes an individual have to give a car to the Trustee? If my car is worth 19K and I owe 13K with my wife will they take the car?

[TEW]

I hope it gets better for you and keep your head up! What makes an individual have to give a car to the Trustee? If my car is worth 19K and I owe 13K with my wife will they take the car?

you have to look at the exemptions depends on where you live. the car has a loan? how much is the loan how much is it worth.
look at kelly blue book

[texanboy76]

you have to look at the exemptions depends on where you live. the car has a loan? how much is the loan how much is it worth.
look at kelly blue book

I live in Texas and edmunds shows the trade in at 19K and my loan has 13K left and is paid off in March 2010 with my wife

I did find this....

In Texas, you also have the choice of using the federal exemption statutes instead of your Texas exemptions.

An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.

If the property is secured by a loan, such as a car or home, and you are current on the payments, the equity is covered by your exemptions, and you elect to keep making payments on the loan you generally can keep this property through the bankruptcy.

"If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the assets". Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.

[shabam]

Had to give my car to trustee today. My attorney said I had to wait for my $1,000.00 from the trustee and he says it could take weeks. I have no money to buy a car not even a cheap on under $1,000.00. I remember how hard it was to pay off that car. I just finished paying it off a year ago and I was so proud.I have no one to help me get around and I have no way to get to work.
I hate bankruptcy and I am so depressed. Don't know how I will even get to the store to by groceries. This is not a fresh start like they say it is. It is a total step backwards. I rather be dead!

Enough with the silly talk about dying. While this will be a fresh start, it is never supposed to be easy. You will get through it like hundreds of thousands of others have.

Why does your trustee have your $1,000? is this above the cash exemption in your state?

[shabam]

Had to give my car to trustee today. My attorney said I had to wait for my $1,000.00 from the trustee and he says it could take weeks. I have no money to buy a car not even a cheap on under $1,000.00. I remember how hard it was to pay off that car. I just finished paying it off a year ago and I was so proud.I have no one to help me get around and I have no way to get to work.
I hate bankruptcy and I am so depressed. Don't know how I will even get to the store to by groceries. This is not a fresh start like they say it is. It is a total step backwards. I rather be dead!

Have you heard of this organization.

http://www.angelfoodministries.com/

You basically buy a box of food for the month for $30. They deliver to host sites all over the country.

Here is a sample menu

* 4 lb. IQF Leg Quarters
* 4 oz. Beef Back Ribs
* 1 lb. 80/20 Lean Ground Beef
* 2 lb. Breaded Chicken Tenders
* 1.5 lb. Bone in Pork Chops (4 x 6oz.)
* 1 lb. Ground Turkey
* 18 oz. Stuffed Manicotti (Cheese)
* 12 oz. Smoked Sausage
* Betty Crocker Seasoned Potatoes
* 7 oz. Cheeseburger Dinner
* 16 oz. Green Beans
* 16 oz. Baby Carrots
* 2 lb. Onions
* 1 lb. Pinto Beans
* 1 lb. Rice
* 7 oz. Blueberry Muffin Mix
* 10 ct. Homestyle Waffles
* Dessert Item

[ready2puke]

Just made the steaks tonight from Angle Ministries and boy oh boy were they the BEST !!!! So far this food is amazing. For 50 bucks I can feed me and my Japenese student for almost a month. You cant beat it

[tnsltwn]

This is a process that will ultimately benefit you in the very near future! Do NOT talk like that. I know the emotional pain it causes. I am only 22 and am considering bankruptcy because of my financial irresponsibility's. I have to suck it up and move one if I choose to do this. It will always seem to get darker before lighter. I promise you though the light will shine even brighter if you keep your mental state positive and look ahead!

[debtmonster]

Man, that absolutely SUCKS to have to give back a car that's paid off. I am at least $17,000 UPSIDE DOWN on both of my cars, so I am DYING to give those suckers back now!

Anyway... I was just going over my finances... I was doing before and after scenarios.

After putting most of my expenses in an Excel spread sheet, my monthly expenses come out to about $6200/mo.

If I went bankrupt and gave back both cars and wiped out all of the credit cards, our monthly bills would drop down to about $4300.

Even bankruptcy won't help me at this point as there are still times where I will be making far less than $4300. Plus on top of that, I have the same problem... I NEED TO REPLACE OUR CARS! I need to go bankrupt on my existing cars and keep at least one of them for a good few months to give me time to save up for a used car. How can you file BK and keep the car for a long, long time and not give that thing back?

I will need to try out that Angel Food Ministries thing. That seems like the deal that can help us out for now. I've been buying food on my Amoco/BP card for the last few days (if you want to call that food) because we have no money in our checking account to go to the grocery store and our credit cards are maxed out.

The things that are killing us the worst is the mortgage, property tax & insurance (P.I.T.I. - about $1100/mo.), fuel to drive so far into town (an easy $400/mo.) for work, my monthly prescriptions ($350/mo.) & doctor visits ($170 every few months), self-employment taxes ($840/mo.) a huge hit there), and home business expenses (which this can easily top $1,000/mo.). Then we have the electric, groceries/toiletries, car insurance, cellphone (which you need way out here with the long commute), home phone, Internet (for business), misc. stuff around the house, home maintenance... and I have not even gotten into putting 10% away for savings into an IRA for each of us... or putting cash away for a a major emergency such as the A/C breaking, hole in the roof, termites, etc... I can go on and on! And for me to gross $3200-4000/mo. is killing me. I need to gross $7,000/mo. to live now because of inflation.

This situation absolutely SUCKS!!

I have no idea how we are going to be able to raise the $3400 to pay the BK lawyer. It's like we need to make $6,000+ per month to raise the money, but then it's a catch-22 because we will be way over the means test BADLY to do that.

It's like damned if you do and damned if you don't. This new bankruptcy law has screwed me over so badly. The only way I can go bankrupt is pretty much by becoming HOMELESS (which all of you know my wife won't give up this god-forsaken house.)

We need a H-U-G-E depression to hit us hard and knock all of these prices WAY down prior to 2000 or 1998. Homes need to go back to $70-80k again. Gas needs to go back to $1.04. Cars need to go back under $10k for new ones. Milk needs to go back to $2/gallon. We need a long-term depression to pull this off. But for some reason the opposite is happening. We almost have that now and prices are still not going down enough. It's like everything is a double negative. Salaries are going down and prices are going up. This is the kind of crap that you see going on in 3rd World countries.

[2Bshinyandnew]

Hi Pepperlady,

I am so sorry you are feeling so down. It must be awful. I don't know your "story", just wanted to say, hang in there!! Nothing worth doing comes easy.

Will you lose your job? If so, are you eligible for food stamps/public assistance/medicaid?

To Debtmonster,

Do you have prescription insurance? If not, this may help:

http://www.floridadiscountdrugcard.com/

The income levels are very generous and the application process is so simple, they don't verify anything or call your job, so no worries that you will be embarrassed if co workers found out. It is essentially a discount card, but it's through the state of Florida and costs nothing, except a $15 fee the first time you use it. I don't have prescription coverage and I save about 60% off of pharmacy retail.

Also, Walmart and Target have many common prescriptions available for $4 for a 30 day supply. Their $4 drug list is pretty basic though.

[JRScott]

Sorry to hear peppylady

It'll get better though , hang in there.

Is there any public transportation where you are?

[Mi Bankruptcy]

Peppy,

You should be proud you paid off your car, that is quite an accomplishment. If you did it once you can do it with the next car you buy. In the mean time check around to see if you can get a beater car. This will suffice and help you through your anguish for a little while until you get back on your feet and experience the relief of BK. I would also check with Volunteers of America and see if maybe you can qualify for a car from them if you can not afford one.

I donated one of my beater cars to them when the transmission started slipping. I figured they had mechanics that could fix it and would be a good car for someone struggling.

Additionally,
If you are able to get help and buy another car you can always donate the car back to Volunteers of America. Good luck and keep posting if you start feeling down. People will be here to support you.

[Scott50]

Man, that absolutely SUCKS to have to give back a car that's paid off. I am at least $17,000 UPSIDE DOWN on both of my cars, so I am DYING to give those suckers back now!

Anyway... I was just going over my finances... I was doing before and after scenarios.

After putting most of my expenses in an Excel spread sheet, my monthly expenses come out to about $6200/mo.

If I went bankrupt and gave back both cars and wiped out all of the credit cards, our monthly bills would drop down to about $4300.

Even bankruptcy won't help me at this point as there are still times where I will be making far less than $4300. Plus on top of that, I have the same problem... I NEED TO REPLACE OUR CARS! I need to go bankrupt on my existing cars and keep at least one of them for a good few months to give me time to save up for a used car. How can you file BK and keep the car for a long, long time and not give that thing back?

I will need to try out that Angel Food Ministries thing. That seems like the deal that can help us out for now. I've been buying food on my Amoco/BP card for the last few days (if you want to call that food) because we have no money in our checking account to go to the grocery store and our credit cards are maxed out.

The things that are killing us the worst is the mortgage, property tax & insurance (P.I.T.I. - about $1100/mo.), fuel to drive so far into town (an easy $400/mo.) for work, my monthly prescriptions ($350/mo.) & doctor visits ($170 every few months), self-employment taxes ($840/mo.) a huge hit there), and home business expenses (which this can easily top $1,000/mo.). Then we have the electric, groceries/toiletries, car insurance, cellphone (which you need way out here with the long commute), home phone, Internet (for business), misc. stuff around the house, home maintenance... and I have not even gotten into putting 10% away for savings into an IRA for each of us... or putting cash away for a a major emergency such as the A/C breaking, hole in the roof, termites, etc... I can go on and on! And for me to gross $3200-4000/mo. is killing me. I need to gross $7,000/mo. to live now because of inflation.

This situation absolutely SUCKS!!

I have no idea how we are going to be able to raise the $3400 to pay the BK lawyer. It's like we need to make $6,000+ per month to raise the money, but then it's a catch-22 because we will be way over the means test BADLY to do that.

It's like damned if you do and damned if you don't. This new bankruptcy law has screwed me over so badly. The only way I can go bankrupt is pretty much by becoming HOMELESS (which all of you know my wife won't give up this god-forsaken house.)

We need a H-U-G-E depression to hit us hard and knock all of these prices WAY down prior to 2000 or 1998. Homes need to go back to $70-80k again. Gas needs to go back to $1.04. Cars need to go back under $10k for new ones. Milk needs to go back to $2/gallon. We need a long-term depression to pull this off. But for some reason the opposite is happening. We almost have that now and prices are still not going down enough. It's like everything is a double negative. Salaries are going down and prices are going up. This is the kind of crap that you see going on in 3rd World countries.

Not sure if I wish a huge depression to hit.. That means massive unemployment.. Due to the recent bailout by the federal govt of wall street, the govt is going to have print more money and this will cause prices to go up considerably and inflation will pick up considerably.