Just wanted to clear this up?

[Graphic]

Ok. So once I sell my car, which Im in the process of.. and (we all know my threads about how to spend money).. lets just say since that is my only asset it will be gone once sold. So I know the car of mine that got repo'd will they really want to sue me? I did get a call from the guy saying they were planning on suing me next month. (creditor..going to lawfirm afterwards)

So say they sue me, get a judgment and I just don't show up or whatever because I haven't spent all the money from the car yet. So obviously I haven't filed yet. I mean if they get that judgment..then 3 months later I file will that judgment be void once I show the petition? Even though I Didn't show up at work. I dont really see why they would sue me when they know I have no assets. Seems more of a waste of their time/money. Oh well I wasj ust thinking once i sell the car I dont have to be in a rush anymore and I can spend the money on things that I KNOW will not be illegal to spend it on.

Anywho always questions, just wanted to clear it up

Thanks

[bkfiler]

not sure where this other car is coming from but doesnt matter.

yes they will still sue you. to protect their legal rights and start looking for your assets.

no the bk doesnt get voided out. if they get the judgement before you file the petition then it stays as it is. they can then file a lien of they get a judgement. after you file for bk you can then, if needed, file a motion to avoid a lien before you get a discharge. then you get a discharge adn then the lien gets voided as well. if it works right.

the civil suit still stays on your record. it just isnst enforceable. the lien if any gets taken off your records or shown as satisfied and no longer enforceable.

im still not so sure selling the car to avoid seizer by the trustee is legal imo. but its your choice.

[StaciMM]

You are thinking short term, the creditor is thinking long term. If they get a judgement against you, they can use that next year, or 5 years from now. In general, it could even be renewed so that in 10-12 years, when you're working a nice job, they can come at you with a garnishment and take 25% of your wages (amount may vary in some states). By then, with interest, you might owe 3X what you do now.

If you file BK and receive a discharge, it will discharge the debt making you no longer responsible for it. THe judgement will still show for 7 years from file date on your report, but there will nothing that the creditor can do about it-they can't collect on it.

If you receive a notice of a court date, it would be better for your credit to file bk before the judgement happens, rather than after.

[StaciMM]

Ps-

Selling an asset, if at market value, is generally not an issue with BK. Of course, one piece of logic, since the OP's original statements were that his debt was in the neighborhood of $10,000 and the car is worth $8000-9000 (I may not be exact on the #'s but I think they're in the right ballpark) and he is able to do without the car because his parents will buy him another that they will have in their name... Why not use the proceeds from the sell to settle with the creditor, by trying to get a pay for delete agreement on 60-70% of the balance or so? Then, no judgement and no bankruptcy...

[Graphic]

well they sold the repo'd car for 29k, owed 44 so thats 15k.

My parent's, granted they want to help me get another car because they know I'll need one, don't just want to dish out 10k whenever they see fit. I mean just because it's there doesn't mean we want to lose it if we don't have to either. Especially if I am going to file BK anyways.

[JimH]

What are you doing buying $44,000 cars? I hope you have better sense down the road.

[Graphic]

Well it definately wasn't a 44k car. It's my little friend I didn't know about called negative equity. That's what I get for being naive. Lesson learned ;)

[Jenny]

Holy cow! I just posted on another thread about a used car loan for $15,000, and I thought that was high. What kind of car costs $44,000? Wow! Was it a BMW or something like that? Or did that loan include negative equity from another purchase? Still, that's a HUGE auto loan.

[Graphic]

No, wasn't a beemer. It was a 2005 Dodge Ram 2500 ..Cummins 4x4 etc. They had just come out, and it was top of the line. At the time I was able to pay for it, then everything hit me at once and bam. The truck itself was 36 or so, by the time I got hit with negative equity and all the other fees it was up to like 45k.

[robivi3]

Actually, that Cummins would have lasted alot longer than any car. I've rebuilt my share of L-10's. The Brazil blocks were cheap crap, third world maintenence on the dies i guess. The Sheffield Steel and German blocks were tops. 44 is about right for a normal diesel pickup. Just depends on your situation. It's kind of normal where i work. That is an EXCELLENT engine. I like a Duramax better though because I've also worked on Allisons. But i'm a GM nut. Graphic is a Miami boy, that's sort of normal down here. Not commenting on his situation but that is just the fact. Sorry, I don't have a diesel, my GMC was 28,000 back in 2001 but i was never late on it and still have it. I wasn't ever behind on my house or vehicles.

If you lived here, you'd understand why we drive bigger vehicles. heck, most people put hitches and wenches to keep the tailgaters away. It is FREAKING dangerous to drive here.

At 29,000 for a 2005 I could have had that vehicle sold ten times at work (I am certain it was sold at the auction up in Hollywood on 441 in the Seminole Reservation). My close friend and coworker just paid 25,000 for an 03' Duramax with 47,000 miles. he uses it to go hunting in Alabama. I was with him when he bought it over the phone and he picked it up on a Saturday, it was considered dirt cheap. He's Cuban but he loves 'bama and loves to hunt deer. I understand Graphic, big vehicles here are necessary, even driving my Corsica to work I can't stand because people will cut you off so easy. Graph, how many rollovers you seen this month? I drive I-75 (80 mph is slow) so you know i average one per week and about 7 or 8 slide offs in the mud. You DON'T want to break down on the highway here, you WILL die, people intentionally graze by you here, they FREAKING try to hit you. Speak up Miami you all know it is true!

A Toyota costs more to insure here than his Dodge Truck. The insurance on my ten year old Corsica is HIGHER than my truck and that is with AIG. It is different down here, we have the highest rates in the nation.

You own a 15 year old used pickup, drive it down here and sell, it will pay your expenses, hotel and dinners and your airfare back. A 1990 Chevy here, 7000- 9,000 is normal. trucks are premium down here and sell very easily.

Most dangerous intersection in America? Pines BLVD. and Flamingo, accidents three to five times a day. My best friends brother is a PB Pines Cop, he hates working traffic by the Mall at Pembroke lakes!

Graphic, I read you. I drive offensively when in Hialeah, "fearless folks who jump and die!". You won't go ten feet and stay alive if you don't. You know what i mean, that's why people down here drive big SUV's and such. You ever try to get to the Cuban Bakery by the Amoco on West 60th and Palmetto on a Saturday, sh****t, they have gun fights over parking. then tell everyone about our famous UNREGULATED dump trucks that spray freaking boulders at you. Stay in a truck Graph, I live here, I know why you drive it.

Still, AGREED, alot of money, I would have opted for an older Suburban. BTW, I know you pack also, a necessity down here!

[Graphic]

I loved it. Diesels are always better in my opinion. I was hauling a lot of stuff the main reason I had it but at the same time I just loved it as a truck in general. Everything about it was great, not to mention I love the sound of the turbo squealing when I get on it and that 605 ft lbs of torque kicks in lol.I will have one eventually again. Yeah I see tons of wrecks all the time, especially thru alligator alley, those state troopers are always busy lol.

Yes I do pack ;). Looking for a new gun right now as we speak just got my CCW renewed, but I don't think the trustee will like me spending money from my car on a gun I have to ask the lawyer.

[Jenny]

Pardon my ignorance, but I don't know what you mean by
"The truck itself was 36 or so, by the time I got hit with negative equity an all the other fees it was up to like 45k."
What does that mean? If the loan was for $36,000, how did you end up owing $45,000?

[Graphic]

Well first the negative equity I had in the other car. Let's say I owed 30k on the other car but it was only worth 20k and that is what the dealer gave me for it (just a scenario) that would be 10k difference that I owed. So you go to get a different one they will put that difference towards the new car. So if you have a car that is 20k, the negative equity = 10k from the other car that rolls into the new contract. So 30k + all the closing costs of dealer..tax etc.

I didn't have much negative equity. What killed me was the fact that I did have SOME negative equity. Rolled over into a new car, new cars depreciate quicker in their first few months so I was already losing money from that. So hence the negative I was in.

[robivi3]

We used to skip school and make the run out to Junction 29 and we got up to 117 mph running up to Immokolee. Remember when US 27 was called "blood alley"? Andytown was to about 20 people and a restaurant before they four laned uS 27, Andytown dissappared then.

When i lived down their we always took the Trail to go west. I remember towing my 77 plymouth with my 58 Chrysler across the Alley and a Trucker yelling, "shouldn't it be the other way around?" We used to race on Orange Drive in Davie after going to Race 'O 'Rama or as we called it Race Your Mama! Oh Lord bring back the 70' Challengers, Malibu's, my old Super Bee... that was a fun Miami!

I could also tell you about when my master Cylinder (1958 Chrysler saratoga single resevoir) gave out when i was high tailing it at about 60 down Fountainbleu BLVD and 107 Ave. (which was two lanes then). I was being chased by Fountainblue security, the guard had a 67 Belvedere and had a Buford T Justice hat and Cowboy boots and loved "high speed pursuit". Sweetwater was a redneck town then. Back then Mall of the Americas' was Midway Mall and had a Richards, Woolco, and a NICE Jeffersons. We had great stores here then. The street from the Mall to the north end of Fountainblue on 87 was all Fish farms, there is a school and apartments there now.

Concerts? Sportatorium? Hollywood "Staurday Night Under the Lights" Speedway" was out where Pembroke Pines ends now, took forever to get there. We would meet at NEBAS on Hollywood Circle and make the three hour treck. The Eagles, Steve Miller Band, lots of pot, sex and other things went on on those roads. Different world today.

[Graphic]

lol well I'm not too old yet but my granddad grew up in Miami wayyyy back. Hes like 68 so you can imagine. He said he used to be a Bellboy(i think thats how you spell it, you know the hotel guys that open door etc) and he worked at some high class hotel back then at least, and he met all these stars etc. He didnt have a car though, and he was walking home one day and two cops pulled him over for walking home and they asked what he was doing, and he was a poor man walking in the rich part of town so they didn't believe his story and just started beating on him. lol weird stories he's got tons of them