My husband and I have a SUV and we live about 50 miles for where we work so gas prices are just killing us. We have thought about trading it in for a car that gets better gas mileage and that is a 4 door (the SUV is a 2door). Our 341 Meeting is Nov.2nd. Would this get us in any trouble? Should I let my lawyer know if we do this?
-
-
You can NOT do this. It is considered fraud, and you aren't supposed to apply for or accept credit during your bankruptcy proceedings.BUSY running my own credit repair services! Sorry I don't stop in so often any more! -
An alternative would be to stop making payments on the SUV (don't sign a reaffirmation) while in the BK process. Use the saved money to purchase a car after discharge. You should have time to save 3-4 payments. I'm guessing SUV payments aren't too low, so that should be enough for a decent used car. (Our truck payment is $505...)Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
-
I guess we will just keep the SUV. I didn't think that it would be a big deal since we were planning on paying for it and our payments would have been around the same or just a little less. I don't want to default on the SUV because it is financed through our credit union and hopefully they will be able to help us get a lone later to start rebuilding our credit.Comment
-
Good point NJT-I didn't know it was thru a CU.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
-
You do not need to take out a loan to build credit. Paying any interest whatsoever is completely unnecessary to establish a positive credit line. One credit card you charge $5 on a month on and pay off in full will do the job.Comment
-
You have made it this far, I realize gas prices are high, but you only need to stick it out another 3 months when you should be receiving your discharge. At that time, you can consider getting another car.Comment
-
I will just wait and keep the SUV for now. Thanks everyone for your advise.Comment
Comment