Vehicles

[Nicki8875]

We have 2 cars. Our van we owe $14,000 but it is not worth that, maybe between $5,000-$8,000 and a bronco worth about $1800.

Would we be better off to try and get 2 new (not brand new but new to us) vehicles since we will have to have them for 5 years or just one for dh to replace the bronco which will NOT last 5 years.

Then if we decide to do that and turn the old 2 in what happens to the balance on that? Can it be included into the BK?

[optimistic1]

Everyones situation is different, you need to ask yourself, can you actually afford two new cars? Is just one new one going to work? The van sounds new to me, you might not need to replace it.

My attorney kind of told me the same thing, but honestly, since when is a car with only 50,000 miles on it, a risk? What is this, the 1940's? My car will last, and if it doesnt, I have enough cushion in my plan, that I will need to develop a reserve fund in my safe, just in case something needs to get fixed.

Any remainder left on the vehicles in un-secured.

[Nicki8875]

Everyones situation is different, you need to ask yourself, can you actually afford two new cars? Is just one new one going to work? The van sounds new to me, you might not need to replace it.

My attorney kind of told me the same thing, but honestly, since when is a car with only 50,000 miles on it, a risk? What is this, the 1940's? My car will last, and if it doesnt, I have enough cushion in my plan, that I will need to develop a reserve fund in my safe, just in case something needs to get fixed.

Any remainder left on the vehicles in un-secured.

The van is a 2005 but we have had a lot of problems with it so I worry about trying to come up with money to repair it once we file. So I thought if we found something with a warranty it may be better. We would just get one nicer family type vehicle and dh found a 1999 truck b/c he only goes 8 miles round trip back and forth to work.

[optimistic1]

8 miles sounds good then to get a 1999. Worst case scenario, he could take the bus, so distance is on your side. I commute 27 miles one way, so you should feel fortunate.

As far as your family type vehicle goes. Try buying a brand new one like a Hyundai, with a super long 60,000/100,000 mile warranty.

[BigJohn]

We have 2 cars. Our van we owe $14,000 but it is not worth that, maybe between $5,000-$8,000 and a bronco worth about $1800.

Would we be better off to try and get 2 new (not brand new but new to us) vehicles since we will have to have them for 5 years or just one for dh to replace the bronco which will NOT last 5 years.

Then if we decide to do that and turn the old 2 in what happens to the balance on that? Can it be included into the BK?

If you do some careful planning, you might be able to get new vehicle(s) and use their payments to offset what you pay non secured creditors.

[Nicki8875]

If you do some careful planning, you might be able to get new vehicle(s) and use their payments to offset what you pay non secured creditors.

How do I do that? All of my debt will then be unsecured except the house and 2 cars.

Also, how did you get a 48 month plan?

[Nicki8875]

8 miles sounds good then to get a 1999. Worst case scenario, he could take the bus, so distance is on your side. I commute 27 miles one way, so you should feel fortunate.

As far as your family type vehicle goes. Try buying a brand new one like a Hyundai, with a super long 60,000/100,000 mile warranty.

No buses in our area! We are lucky with our commutes...dh is 8 miles round trip and I am about 12 miles round trip. Very fortunate for that...except for the atty's I am going to meet with I have to drive an hour and a half! We have nothing here in town!

[MommyMc]

We were able to get two new (used, but new to us) vehicles. Our lawyer told us we had to do it before the ch. 13 was filed and that we had to stay under $30,000 each, with payments being less then $600 a month. Anything over that would be rejected by the trustee. The vehicle we had going into this was a 3 yar old van, in not so good condition and we were very upside down in it. The van was included in the 13 and all we had to do was "surrender" it back to the bank.