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    #1

    thinking of chap. 7

    just a quick question, please respond with some answer's, I am stressing on this. Found out recently I am $24,000 in debt, and only bringing in $800 a month which is barely enough to pay bills.

    I've been doing my research on chapter 7 , and am in california, and think it's a good idea, until I come to the part about exempt property, which is my motor vehicle. It says no motor vehicle over $1900. The problem is my parents just bought be a vehicle worth $6000... what should I do.. anyone ever had this problem? I really need to get a fresh start and don't want to lose my transportation.

    thanks

    dave
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    #2
    Originally posted by thesuffering
    just a quick question, please respond with some answer's, I am stressing on this. Found out recently I am $24,000 in debt, and only bringing in $800 a month which is barely enough to pay bills.

    I've been doing my research on chapter 7 , and am in california, and think it's a good idea, until I come to the part about exempt property, which is my motor vehicle. It says no motor vehicle over $1900. The problem is my parents just bought be a vehicle worth $6000... what should I do.. anyone ever had this problem? I really need to get a fresh start and don't want to lose my transportation.

    thanks

    dave
    Based on the income to debt ratio you posted, I think filing for Chp 7 is the better way to go. If you have a loan on the vehicle, see if the lender will allow you to have the loan reaffirmed, if they won't explore the option of doing a redemption.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

    Comment

      #3
      Originally posted by Todd
      Based on the income to debt ratio you posted, I think filing for Chp 7 is the better way to go. If you have a loan on the vehicle, see if the lender will allow you to have the loan reaffirmed, if they won't explore the option of doing a redemption.

      Good Luck!
      What is a redemption? Is this an option when filing bankruptcy that a lender may work with you on?

      Comment

        #4
        Originally posted by ConfusedB7Ohio
        What is a redemption? Is this an option when filing bankruptcy that a lender may work with you on?
        It's just purchasing the vehicle back a wholesale price. But you'll typically be charged subprime rates. If you're existing payments are afforble once you rid yourself of all your other debts, you'd most likely be better off keeping the car at your existing terms.

        Good Luck!
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

        Comment

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