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am I ok with my car.

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  • am I ok with my car.

    I traded my 07 truck in on a 2005 jeep wrangler x. Purchase price was 18,999. They paid of a 1450 title loan i had. Plus the 1000 warrenty i bought. End up owing a little over 10k. I figured they would not get me a loan as my credit sucks. I have about 30k worth of crap one is a 18000 debt for a business i had. They got me a loan at the nice low rate of 21%
    My plan is to pay it off Quick. I also own a 1985 chevy 3/4 i use to haul stuff. It worth like 2k maybe. But i need to file chapter 7. I talked with my lawyer he said i was ok to file no issues. Except i need to wait till june as in may of 08 i sold a house to my parents. Well more of a transfer but we wrote down 10k as not to upset the courthouse. Plus i had 10k in it and they bought me out so we did not want to lie for a few dollars in taxs. Well i am worried that since i have a 18,999 jeep with equality in it that i might risk losing it. I got lucky i paid 10k for the truck drove it for 25,000 miles and got 12k for my trade . Though i paid alittle to much for the jeep.
    KBB shows trade in value as 12,500. It shows sugg retail as 18,250. I am assuming it would come somewhere between the to for a quick sale. So will i be ok with having a 10k loan. Also i am assuming that keeping the loan will really make building my credit up after discharge easier. If so how many years after discharge should i run the loan before refin. Or paying it off. My hope was have it paid off within a year or so. But if it is worth the 21% to run it out the 5 years to build my credit up I will. Though 6k in interest does not sound like fun. S paying it off soon is a option if i should.
    Hopefully getting the loan now will help me later. Also if i keep my payments current or ahead is there anyway the bank can take the jeep when i file.
    Will I be able to keep both trucks. Does it matter i am a college student and the truck is for working since i am doing construction and plan to build houses.

  • #2
    It really helps to list your state in your public profile. Many BK related questions are state dependent.

    I found another post that said you were in Indiana. It looks like you need to keep all of your assets under 4K. The value of the car is the amount it's worth minus the loan against it. So, if it really is worth 12.5k and you have a loan for 10k, then you need to exempt the other 2.5k. This leaves you a little room for your guns and other assets.

    I have no idea about refi.

    If you are certain you want to keep the Jeep and can make the payments (it sounds like you will be able to if you want to pay it off in a year), then consider reaffirming the vehicle. This will ensure that they can't take the car unless you default and the payments will show up on your credit report.

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    • #3
      I am going to keep it unless the judge takes it then i will still fight. I am in indiana I thought i added that. SO sounds like i should be ok. The only issue is my guns. But i should be ok
      Originally posted by JoeBankrupt33 View Post
      It really helps to list your state in your public profile. Many BK related questions are state dependent.

      I found another post that said you were in Indiana. It looks like you need to keep all of your assets under 4K. The value of the car is the amount it's worth minus the loan against it. So, if it really is worth 12.5k and you have a loan for 10k, then you need to exempt the other 2.5k. This leaves you a little room for your guns and other assets.

      I have no idea about refi.

      If you are certain you want to keep the Jeep and can make the payments (it sounds like you will be able to if you want to pay it off in a year), then consider reaffirming the vehicle. This will ensure that they can't take the car unless you default and the payments will show up on your credit report.

      Comment

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