filing in 30days -need car

[dadof5]

We will be filing bk7 in 30 days, our atty. in a round about way advised us to get another car. My current car has 140k miles on it and I don't see it lasting another year. I drive 300 miles a week and need dependable transportation. If I pick up a descent used car around 10k this close to filing will that be a problem w\trustee?
of course I would continue to pay for it.

btw: the other car is only worth 5k at the most.

Thanks,

[sharksfan]

We will be filing bk7 in 30 days, our atty. in a round about way advised us to get another car. My current car has 140k miles on it and I don't see it lasting another year. I drive 300 miles a week and need dependable transportation. If I pick up a descent used car around 10k this close to filing will that be a problem w\trustee?
of course I would continue to pay for it.

btw: the other car is only worth 5k at the most.

Thanks,

The first attorney we spoke to suggested my wife get a new car and surrender her current one (owe $15k more than it's worth). He also suggested I trade in my car (owned outright, $5K value) and get a new one as well.

We accomplished both of these feats within 10 days of eachother.

The second attorney I spoke to (who I will be 'hiring' on Friday) said that we made an excellent decision. He was also impressed with how 'on top of things' I was.

We plan on filing within the next 2 weeks.

[cj0203]

Our atty told us the same, to replace any cars that needed it NOW, before we file. It may take a while before you can get a car loan again, so I agree, do it now.

We are surrendering a broken Saab 9-5 (owe 4500 on it, repairs would be over $5K) and bought a Ford Explorer (for $6K) to replace it. Best decision we could have made

[dadof5]

This really helps a lot,
Thank you all very much!!

[PaKettle]

I assume this is because the car payment is allowable as an expense, helping you qualify?
(Just guessing - maybe someone with knowlege will answer this.)

[TabulaRasa]

Yeah, I got similar advice, particularly at the time when it looked like I might have to go into ch.13. I have less than 18 months left on my truck. The lawyer I met with advised that perhaps I should get a new car on a 60 month loan. But now I'm looking at a chapter 7, and I have about 100k miles on my truck, not sure if maybe I should pursue getting a new one... I mean, in 15 months I'll have an extra $560+ in my pocket, not sure I want to be making payments on anything again.

[Knew_it_all]

I assume this is because the car payment is allowable as an expense, helping you qualify?
(Just guessing - maybe someone with knowlege will answer this.)

No, it is because once you go BK and your old clunker goes belly up you will have a tough time finding decent transportation at a reasonable loan rate.