Letting car go back

[ozzy866]

We are going to let my wife car go back to thee bank....we are way upsidedown on it....8-10k min...

Is leasing a car ($200/MO) in some way for 36/MO an option in my wifes families name and we pay them .....this expense would have to be put in the new budget for the trustee because we are still going to be SUPER tight on funds.
Oz

[ozzy866]

anyone?

[Flamingo]

You asked this same question in another posting concerning your situation and I believe had answers to several of your related questions on this. It will work for you if it passes muster with your trustee and you are able to be approved for a lease with a Chapter 13 on your records. You may need permission from the Trustee to lease the vehicle. Your attorney can advise you as to that. Also it is up to you to make the budget work as the first several months after filing a Chapter 13 can be eye openers as to adjusting to a new lifestyle without credit cards and on cash only. You will have to run a tight ship and budget so you can successfully complete your Plan and keep your house.

There is a ton of support on here but it's hard for us to answer specific financial questions as to whether or not something will work for you. Change is hard and Chapter 13 is overwhelming. Take one step at a time and put it all on paper so you can keep track of it and adjust accordingly.

[ozzy866]

UPDATE......................

Thank you for helping us get through this.
Lawyer got our original 13 confirmed last week. Our payment right now is 2100. We have made a decision with our lawyers help to let one car go back to the bank....payment for that vehicle is 550....
We put the 550 back into our expenses and now we have enough to live on... We can verify all expenses....Not too much left but we are prepared to do anything.
Our lawyer said he will file for a change in 3 weeks to give the car back and submit a new budget. He says our payment will be around 1500 in a couple months.
Our counseling was OK'd by trustee....just need to update within 7 days if there is a change.
I will be driving an old car for business purposes only...This will help.
Stil nervous until I see 1500 OK'd..............I pray this is it....
Oz