Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

About to file Chap7 have question about auto loan.

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • About to file Chap7 have question about auto loan.

    I have already met with an attorney and he will be filling for me in the coming weeks. I have a question about buying a car. I currently have 2 auto loans in which i intended to keep paying on so i could keep the cars. But the one car is a 2017 Mazda which i just bought in Jan, yesterday (07/18/17) i go into an accident with said car. Now the wife doesn't want to keep it and we were thinking about letting it default. We called and talked to the lawyer about it and he said to go out and buy another car quickly and let the mazda default. That way we will still have a new car that we wont have to worry about for a few years.

    What are your thoughts?

  • #2
    Your attorney is giving you very good advice. You didn't say how serious the accident and damage to the car were, but unless we are talking VERY minor cosmetic damage, I would dump the car ASAP. After a serious accident, a modern unibody car will never drive properly again, and will likely suffer from repeated body/trim and mechanical problems in the future. I would never buy, own, or agree to keep any vehicle which has been in a serious accident, especially if I was going to have to pay thousands of dollars in loan payments for it.

    Your upcoming bankruptcy gives you an escape hatch to free yourself from this car, and avoid paying the loan--one which I would take advantage of. Depending on your current credit scores and debt to income, you may be able to finance another vehicle at decent terms. Even if not, you should still let the wrecked car go. If you can wait until after discharge to buy, then your credit scores will improve, and you will qualify for better loan terms. Another option is to save up a couple thousand and buy an older car outright. I always see many good, running cars and vans for sale in the $2000-$3000 range. Sometimes, you can get a good one for under $2000 if you know what years and models to look for.

    Comment


    • #3
      Thanks for the quick reply, the car has about 6k+ in damage according to the body shop in which its being repaired at. I'm not sure the policy on linking but ill link a pic below, i know about you mean about saving and buying a good used Honda or Toyota at decent used prices. I would love to do that, but i kinda need something very reliable because of my wife's job of having to drive to clients house's and such. It just weird tho because i have never been 30 days late on anything in my life up until this point, and its only because i was told to stop making payments on all CC's and such. Now i know if they run my credit they will see like 10 hits on 30 days late because of this whole thing, i cannot see how a bank/credit union would want to give a loan out. But then again i have seen weirder things happen before....


      http://imgur.com/a/zXpZs <~pic of broke car lol

      Comment


      • #4
        The damage does not look severe at all, unless the driver's side or rear are damaged as well. This looks like a very minor accident, and it does not appear that the car is frame damaged. I am incredulous that a body shop is charging over $6k for a door, fender, and bumper cover, unless there is more hidden damage than what meets the eye. What exactly does the estimate say is being replaced?

        Comment


        • #5
          I like the advice of the attorney. Just don't go nuts.

          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #6
            This was my exact situation and it worked out for me. Your attorney is telling you true. As long as you don't get a luxury vehicle you should be fine.
            Chapter 7 Filed 10/17/07
            341 mtg. 11/15/07
            Discharged 2/19/08
            Closed on 2/26/08

            Comment

            Unconfigured Ad Widget

            Collapse
            Working...
            X