car question

[dumbdumb]

hi all!!
this is an awsome site! i have been visiting everyday to read as much as i can.

i thought dumbdumb is an appropriate name for myself after the stupid investments i have made.

my situation is .. i own 2 homes that have depreciated in value so it i will cost me too much money to refinance...

long story short i am throwing in the towel.. I give up and am tired of living like this.

after living extremely frugally the past 3 yrs i have been spending money on frivilous things and i have to say i may be a little out of control.

the most recent purchase last month was a New ford f150. My old truck was 10 yrs old and broke down so i went to the dealer to see about a new used one.
i was aware in nevada there is a $15000 car exemption .
my fico score is 739 and they convinced me to buy a new truck. i put $9500 down .

will this purchase be ok when i do file?

[petrified]

How long before you plan to file bankruptcy? The car payment will be factored into the means test and if you have enough exemptions, I guess it will be okay.

Just make sure you make a few payments so it doesn't look like fraud.

You don't give much information about your situation so it is a little hard to give you an appropriate answer.

You might want to check a site that lists your state's exemptions - this one might help:

http://www.bankruptcyaction.com/nvexemptions.htm

Found it via google....

P

[dumbdumb]

thanks so much for the link! very useful...
i plan on filing as soon as i am out of money.. probably in May.
i have stopped paying the mortgage on my second home since my renter has moved out.
and am current on the other home as it is the house i live in.
i will have no problem passing the means test.

i really was looking to buy a used truck but the dealer sold me on a new truck.
my old truck was a 97 dakota and had electrical and mechanical problems... i sold it for $1000. it was in running condition as long as you didnt put the headlights on. the differential was bad, ac\ heater was not working either.

as for CC i only have two total balance is maybe $7500 but i have not used either of them in the past 6 months.

[bige1030]

The purchase shouldn't really matter in terms of fraud if you end up keeping the truck by reaffirming the loan.