Buy a car?

[whywhywhy]

My lawyer recommended I buy a cheap beater car before filing, so I can surrender all of my other vehicles. The cheap one would be under the allowed exemption amount. This would also make use of extra cash I have in my account. Because of my problems, this would give me 4 titled vehicles under my name. 3 secured, 1 not. I was originally going to reaffirm one of them, but I'd love to just say byebye to all of them. Does this sound like an OK move?

[Boscoe]

Are all the others over the exemption amount? Which one is closest that you would consider keeping? And what state are you in - maybe there is a "wildcard" exemption you can use for the difference?

[genseeker]

My husband and I have a truck with high payments that we intend to return to the bank. Within the last couple of weeks, we each purchased a vehicle for cash and title in just our name. Both of the vehicles are under our state exemption. Legal aid told me that replacing the truck we are giving back is an acceptable use of non-exempt funds.

[JRScott]

Yes it is legal to do what your lawyer has advised. Indeed if you have more equity in the 3 cars you have secured than you can exempt this is actually a good plan and to surrender all 3 cars in the bankruptcy.

[Boscoe]

If you say the last 2 cars are under your state exemption, then fine. Keep them and exempt them in the bk. No one can touch them. You will want to surrender the truck, though. And if you are upside down, just let it go. Don't even bother trying to sell it.

Why would you need to replace it? You already each have a car, right?