I have learned that I must list all my debts, no exception! Do I have to list my car? I was never late and I intend to keep making payments on it. Is reaffirming it is the only way to go? My other question is; can I list the car payment in my expenses? The law says expenses must not include payments to creditors. If I list my car as a debt then including the payment in my expenses would be violating the law?! Please advise me on this one.
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When did you file, and how long is left on the car?
All creditors need to be listed because of the automatic stay. If you are current, you should not have a problem with reaffirming, though if you filed before 10/17 and are at the beginning of the loan, you might be better off continueing payments but NOT reaffirming.
Yes, you can include the car payment in your expenses. (You would not include things that you wouldn't continue paying after the BK-such as credit card payments.)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. -
I have not filed yet! I owe 6.7K and it will be fully paid off by Dec. 07 .I have more equity than I owe I guess ...and that can't be good. How do I find out the car exempt in CA. I just did a reseach and I came with around 2,500! My income is below the median and I don't own a house, that's why I'm filling pro se. But could I still loose my car?Comment
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About how much is it worth? If your exemption is $2500, and its worth more than $9200, you might have to pay the difference to the trustee unless there is a wild card to exempt the rest.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
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The value of the car is around 9 to 10 k. The title should appear as salvage(I had an accident) that should keep the car around the 9 K. So what you did is actually added the exemption to the amount remaning. what's a wild card?Comment
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Some states allow a 'wild card' exemption, something that can be used to exempt any property.
You'll probably be ok, depending on when you file. Each month, the balance that you owe goes down. It probably won't be enough to worry about-if there is a very small amount of non-exempt interest, it might not be worth the attorney's time to bother. One thing to consider though-if you can't get together the money for an attorney otherwise, you could call & ask the lender about deferring a payment. If you have not done that in a while, its a good possibility. You could put that payment (some lenders may even defer 2) toward the attorney, and avoid having too much equity...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
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Looking at Ca exemptions at bankruptcyaction.com, and if you go w/ system 2 (if you have alot of equity in a house you would want to use system 1) then you can exempt $2975 for a vehicle. Plus, wild card of $925.
You shouldn't have a problem!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
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Your disclaimer says "I'm not an attorney" ... maybe you should
Yeah, I'm thinking to hire a lawyer on an hourly basis and finish it myself.Comment
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No thanks! I like helping people, but unfortunately, if I were an attorney there would be so much red tape that I wouldn't be of any use!
Besides, accounting is my first love!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
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Oh cool, thanks for looking it up.Comment
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Accounting and love in one sentence! Okay I can't even get those smiley faces to work for me!
That explains your accuracy and sharp thinking in your post.Comment
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"Accounting" and "love" in one sentence? Okay I can't even get those smiley faces to work for me.
Well, that explain your accuracy and sharp thinking.Comment
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Originally posted by StaciMM
If you were an attorney Staci, I would be most GLAD you were my lawyer and MOST FREAKING SCARED IF I WAS THE TRUSTEE!!!
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Thanks for the love!
Once upon a time, when I thought I was superwoman or something, I was working 2 jobs, going to school (online, but maintained a 4.0 gpa) for accounting, and pregnant w/ my 3rd all at the same time. I had to promise DH that I wouldn't help anyone with their taxes...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
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Leftfield-
My vehicle is a salvage, too. Our trustee wanted an appraisal at the 341, and even though the bluebook value is $3,000, the appraisal was for $500-800 because of the salvage. It's a '98 Explorer and the driver's door and rear hatch were replaced, but you'd never know. If you could get an appraisal from a dealer (did ours for free), you could list that value which might be a lot lower than you think. Just a thought.
Steve.Comment
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