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

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as 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: (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 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

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 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

Getting ready for Ch 13? Stop paying credit cards? Buy a dependable car?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Getting ready for Ch 13? Stop paying credit cards? Buy a dependable car?

    I am relatively current on all debt, but definitely sinking (expenses > income).

    Going to file, but the timing is everything. Looking at holding off for three months while I get a few things in order.

    Currently driving a 12 year old rusty car with 163,000 miles on it. The attorney suggested I get into a newer car right away, just not anything over the top or obnoxious.

    I have two kids that live with me, so I really need something dependable.

    Still, nervous about buying a newer car - this would be a big deal for me anytime, let alone at the same time that I am about to file for Bankruptcy.

    I'll have to stop paying credit cards right away - to come up with a down payment on a car, money for the attorney, and to start saving for my property taxes - the car, mortgages, and the taxes will remain outside of the CH 13 plan, from what I understand.

    Am I missing anything obvious here? Is it OK to just go out and try to get financed for a newer (but used) car, ASAP, before my credit rating starts plummeting?

    The attorney seemed to suggest that I should stop paying my unsecured debts to raise the money I need. But I was a bit overwhelmed at the meeting and want to be sure I am on the right track.

    Any help at all would be much appreciated. Thanks.

  • #2
    sounds like the right track, CH 13 is a long 3-5 years, you need a new car. don't keep throwing money at the credit cards unless you plan to do a 100% payback plan, only then it might make sense to keep paying on them.
    Filed CH 13 September 17, 2007
    Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!


    • #3
      I agree.

      The trustee isn't going to object to a newer dependable car. Especially if your old car is a sinking ship. Go get something that is dependable, easy to insure and will last you 3-5 years. Also, stop paying the cards immediately. Don't use them any more. Just by stopping payments to the cc's will result in some pretty quick cash.

      It sounds like your attorney has you on the right track. Have some faith...go get a new car and buckle down for the ride...

      Good luck.
      Filed - 12/24/08 (Merry Christmas Credit Cards!)
      341 - 2/5/09
      Confirmation - 3/13/09....Happy Dance!!!


      • #4
        My husband and I have followed similar advice. I read it first on this site though. I asked our attorney about obtaining a new vehicle while our credit was still good and she thought it was a smart thing to do especially when I told her we qualified for either a zero percentage rate or 1.9%. We left the meeting with her and purchased the new car.

        We were also advised by our attorney to stop paying the credit cards as well. Our goal is to have her retainer paid, the filing fee saved for and a few other necessity items we know we'll need to take care of around the house to set ourselves up for the 3-5 years we'll be in our payment plan and then file early June.
        Filed: 8-19-09
        341: 9-21-09
        Notice of Discharge: 11-28-09


        • #5
          Same thing with us, our attorney suggested we get a new car to last us the duration of our ch 13 and stop paying the ccs that day. We ended up purchasing a new-used car and traded in my 13 year old truck with 240k miles. Your attorney is sending you in the right direction...
          May 2008 Hired 1st Attorney/Stopped paying CCs
          May 21, 2009 Retained 2nd Attorney
          May 28th - Filed for Ch 7 (FINALLY!)
          9/11/09 - DISCHARGED!!!!


          • #6
            With the interest rates so low or ZERO for a new car...that's what I would do, with the warranty and all it's worth it. Just get a small SUV so you have the room for the kids or a small 4 door. Take advantage of those interest rates NOW! Most Auto Dealers are hurting to get rid of them right now!
            Filed: October 1, 2007 341: December 10, 2007
            CONFIRMED: December 10, 2007
            Payment: $825 / Mo. for 5 Years-29 MONTHS OF Pmts Down 23 to go!


            • #7
              I bought a new car recently and am regretting it now (i think). I traded in an SUV that I was upside-down on by about $6,000. I got a great deal on a CTS that I worked the price down to about $41,000. After the negative trade-in and taxes, the total loan came out to $47,000 @ 6.79% for 6 years.

              I am now planning on filing for Ch 13 in about 6 months. I don't own a home anymore...I rent. I am going to stop paying my CC's ($117K in unsecured debt, $13500 in 2008 taxes and a 401K loan), but intend on paying the new car payment ($770/month).

              I know I could have gotten a much cheaper car, but I didn', my question is...will I run into issues 6 months from now when I file because of the newer car loan?


              • #8
                Probably not. You may even be able to cram down the loan on the car to what it is worth and maybe even a lower interest rate...depending on your district.

                Good luck.
                Filed - 12/24/08 (Merry Christmas Credit Cards!)
                341 - 2/5/09
                Confirmation - 3/13/09....Happy Dance!!!


                • #9
                  Originally posted by EricaCallaha View Post
                  Probably not. You may even be able to cram down the loan on the car to what it is worth and maybe even a lower interest rate...depending on your district.

                  Good luck.
                  This is a bit of a relief to hear your thoughts.

                  What should be used to determine the current value?


                  • #10
                    I am not sure how they do the cram down. Others have done it here and would be more insightful than myself. We were exactly even on our car. To determine the value we used NADA on Fair Condition Private Party Value. Your lawyer would know what flies in your district.

                    Good Luck.
                    Filed - 12/24/08 (Merry Christmas Credit Cards!)
                    341 - 2/5/09
                    Confirmation - 3/13/09....Happy Dance!!!


                    • #11
                      You can only cram down car loans if you bought the care more than 910 days before filing BK. So that definitely needs to be taken into account. The determination of what the car is worth will probably be a negotiation, but the blue book values will be the starting point. (you'll suggest the private party resale value, the creditor will suggest the car dealership cost, you'll hopefully be able to work out a compromise in the middle.) The part of the loan that is deemed "unsecured" after the cram-down will then receive the same % as the rest of your unsecureds in your CH 13 BK.
                      Filed CH 13 September 17, 2007
                      Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!


                      • #12
                        The negative trade-in was a mistake, if your existing car is upside down you should just finance a new car and surrender the upside down car, not roll over the deficiency into the new loan.
                        filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!


                        • #13
                          Originally posted by catleg View Post
                          The negative trade-in was a mistake, if your existing car is upside down you should just finance a new car and surrender the upside down car, not roll over the deficiency into the new loan.
                          My attorney said if I was going to keep the car the negative equity I originally added to the vehicle when I purchased it would be removed during the bk; therefore, I would only be paying what I paid for the vehicle and not any extra I originally rolled into it from the previous vehicle... You should ask your attorney if that will be the case for you as well when you are ready to file.


                          Unconfigured Ad Widget