We have 2 cars - one is $200/month (high mileage, still runs ok) and my car which is $545/month (lower mileage, way too high payment). We'll be keeping the $200/month vehicle for awhile, though I do not plan to keep my high payment car because there's negative equity involved in it and the bank wasn't being flexible at all regarding the monthly payment amount. I'm doing everything possible to get the money together asap so we can file the Chapter 7. We still owe about $1100 but will bring it just under $1000 here hopefully by tomorrow, then I'm paid next week so another decent payment then.
Ok - my higher payment car is past due and they are likely going to ask for payment by end of this month. I don't want to pay on it because 1) I know I'm going to surrender it during the bankruptcy if I still have it then and 2) I want to take everything possible to pay down / pay off the bankruptcy fees to get filed. Now it's a waiting game I believe, to see if the bank will repo the car before we file or shortly after. I know I can go through 722 Redemption after filing so that's another reason I want to get filed asap. That way I can get a much more affordable vehicle for work. This pulling money together to file Chapter 7 is very stressful.
Ok - my higher payment car is past due and they are likely going to ask for payment by end of this month. I don't want to pay on it because 1) I know I'm going to surrender it during the bankruptcy if I still have it then and 2) I want to take everything possible to pay down / pay off the bankruptcy fees to get filed. Now it's a waiting game I believe, to see if the bank will repo the car before we file or shortly after. I know I can go through 722 Redemption after filing so that's another reason I want to get filed asap. That way I can get a much more affordable vehicle for work. This pulling money together to file Chapter 7 is very stressful.
Comment