new car?

[anotherlemming]

Our home is in foreclosure. I believe the second mortgage will be converted to 80K unsecured debt when all is said and done. We plan on filing chapter 7 bankruptcy when this happens.

Right now I have a truck and a boat. Should I sell them and put most of the money as a down payment on a car? Can I reaffirm the car payment? We have another car loan. Can you reaffirm two car loans? Will we get in trouble for that? This is all new to us. We want to go into this in the best position possible.

Can anyone reccomend a book that I can read about bankruptcy?

[Still_Standing]

Our home is in foreclosure. I believe the second mortgage will be converted to 80K unsecured debt when all is said and done. We plan on filing chapter 7 bankruptcy when this happens.

Right now I have a truck and a boat. Should I sell them and put most of the money as a down payment on a car? Can I reaffirm the car payment? We have another car loan. Can you reaffirm two car loans? Will we get in trouble for that? This is all new to us. We want to go into this in the best position possible.

Can anyone reccomend a book that I can read about bankruptcy?

Wow! It looks just like my situation before I filed my BK. Except the boat part

I believe you can either use your transportation exemption for your
truck if value equal or less the exemption allowance or trade it in for a new vehicle with no problems.
I have a paid for SUV. At the time of my filing I could trade it in to a new
SUV. Doing so I would have gotten rid of the equity on that vehicle going into the BK.
I ended up not doing it because I was able to keep it as an exemption.

It is perfectly fine as long as you have a justifiable reason to do it.
Just dont do it, say, a week from filing it. The sooner you do it the better.

You can reaffirm as many cars as the Judge finds reasonable. Two cars: No problem. Better yet if payments are current.
It shows you can handle the payments.

As longs as there is no presumption of fraud. You will be fine.

Good luck.

[DadTL]

Can anyone reccomend a book that I can read about bankruptcy?

Hi Lemming

Start here http://www.bkforum.com/attachment.ph...3&d=1142185997 this is a manual written by an attorney in Ky, but it has useful info for everyone contemplating filing for bk. Check the stickies that are at the top of every forum. A lot to most of my questions were answered by perusing the tickies.

Good Luck
DadTL

[keepmine]

Just don't sell anything of value to a family member or other insider. You don't want to raise any sort of preference issue.

[lrprn]

Can anyone reccomend a book that I can read about bankruptcy?

Here are two excellent books that explain Ch 7 bankruptcy very well:

- How to File for Ch 7 Bankruptcy (known here in the forums as the "Nolo book" at http://www.nolo.com/product.cfm/Obje...51A79/213/161/ (Price $17.99 + S&H)

- Personal Bankruptcy Simplified: File for Bankruptcy with the new 2005 Bankruptcy Act (Law Made Simple) (Paperback) by Daniel Sitarz (Author) at http://www.amazon.com/Personal-Bankr...5980990&sr=1-2 (Price $19.77 + S&H)