Two Vehicles and

I'm very nervous about the fact that I have two vehicles. Both are upside down on their loans. One of which I intend to reaffirm at a lower interest rate with longer terms to lower my monthly bill.

The SUV is used for work. I'm in sales, and I need the capacity for samples, deliveries, etc.

The motorcycle offsets my gas prices and gets me to and from the office (90 miles each way) twice a week. I also use the bike for around town personal transportation.

From a financial standpoint, I'm saving money by having the two as opposed to using the SUV for every trip.

My question is: will the BK Trustees see it that way?, or will they make me surrender something?

i wonder if they are combined together end up being lower then what is allowed by irs standards. maybe that it will be ok. im thinking this is how it is looked at but not sure. what i do know is it also depend on the trustee.

i also know that when they see the ability to get money from you then they take it. that is their job! boooo! hissss!

I'm trying it with 3 vehicles between my wife and I. 2 cars and a motorcycle and I'm nervous also. I didn't think that the bike was included in my budget, but the lawyer told me that it was.
One atty. told me to use the "saving money on gas" angle.
What I am hoping for is the fact that the payment on all 3 vehicles is only about $40 more than the IRS allows for 2 vehicles.
I sure would like to keep it, but OTOH, I am upside-down on it. I just don'e want to lose it AND be thrown into a chap. 13.
When is your 341? Mine is 12/8. If yours is first, please let me know what happens. Art

Expect the trustee to have issues if you're wanting to keep 2 vehicle payments for one driver.

(Surrender-you said you're upside down on both, so I assume you have payments on both.)

If you only got 20 miles to the gallon, and paid about $2.50/gallon of gas, using the SUV would add $36/week to your budget. That's about $156 extra per month, maybe $200 with extra wear & tear, etc. Are you saying that the monthly payment, insurance, gas, maintenance on the motorcycle is less than you would pay in gas, maintenance should you use the SUV for an extra 360 miles per week? You might have a hard time getting that argument to work-the #'s don't add up.

As I stated, I'm in sales. I put on approx 700 miles a week just seeing clients. I often take the bike to save on gas. I definately use the bike to get to the office.

My 341 is Dec. 13th. Please don't be the one to tell me that's a Friday!!!

I ran the #'s based on your original post. I don't know if there is a set policy against allowing 2 vehicles for 1 driver, but be prepared to back up your stand with #'s. If you can SHOW that it would cost more to give up the motorcycle, that will go better than if you just say it.

As I stated, I'm in sales. I put on approx 700 miles a week just seeing clients. I often take the bike to save on gas. I definately use the bike to get to the office.

My 341 is Dec. 13th. Please don't be the one to tell me that's a Friday!!!