I am filing for chapter 7 soon but my vehicle has too much equity to keep using my expemption (5k including wildcard). It's 4 years old and I am worried about getting another car post bk with bad credit and no co signers available. I have been approved for a loan on a new car using my current car as trade in that would allow me to take advantage of the exemption and get something with a factory warranty. Monthly payments would be almost a couple hundred more per month and I am not sure how the trustee would appraise the new car value. Kelly blue book is about 3k less than asking price. Do trustees in Ohio use kbb or do they use cost to replace? Would the trustee see this purchase as an unnecessary luxury with around a 450/monthly payment? Would the trustee scrutinize my choice of vehicle, for instance: if buying a truck would they say I should buy a sedan with better gas milage and lower monthly payment especially if I am barely eligible for chapter 7?
I do have a lawyer but he is slow to reply to my numerous questions and time is critical and it's the weekend!
I do have a lawyer but he is slow to reply to my numerous questions and time is critical and it's the weekend!