Howdy Folks - I'm going to do it.

[TopGear]

I think I found the lawyer for me yesterday and I'm starting to feel a little better about this whole process already after a miss with the first lawyer. It's funny how just a little more attention to details goes a long way towards client comfort. Anyhow, the ball is rolling and I receive my pre-discharge certificate about 15 minutes after completing the course! I wonder if we can recommend approved educators on here because that was completly painless.

Can I ask a couple questions regarding car loans? This seems to be a simple topic but I don't know what to do. I have two car loans, one with more negative equity than the other, and I also have a 10k CC with the same lender. My girlfriend...err...X (more on this later) drives car1 and I drive car2 both which are in my name even though she pays most of car1. Is it true that if I want to keep one of these cars that I'll have to keep the 10k CC also? I don't think that would be wise?

Second question is should I try to get rid of car2 before I file? The payoff is within 2k of the private party value so it might not be hard to sell and pay the difference. Maybe it's not even worth the hassle and let the bank take it.

Lastly, should I even try to get a 3rd car now or wait until after? This would be my only car after I surreneder the other two. Maybe I can get by with just a motorcycle.

Now about that gir..X.
This day has been a mixed bag though. I was on a little high from finding this lawyer yesterday and this morning I ended up dumping my live-in girlfriend of seven years. I was angry when she came home at 7am this morning from being out all night with her friends (2nd weekend in a row) and after a little exchange, she flat out says, "How can I be with someone who is broke all the time and in debt!" Well damn, someone should have told me how they really felt all along. I simply told her "well now you're free to find that rich guy aren't you." What a damn waste of time. I'm doing my best to cut spending and take a long-term approach, and she just wants to Vegas and go out all the time. I go it alone I guess. Now we have to figure out who's moving where and I don't think an apartment would even take me.

Thanks for listening and I appreciate this forum very much already. I can't talk to anyone about this so at least there's this little text box.

[BKParalegal]

In regards to your car loan and credit card, the answer is you can keep the car and lose the credit card.... unless you happen to have this car loan and credit card at a Credit Union, where they pulled a cross collateralization,where the unsecured debt is attached to the secured, this is rare these days, and is unlawful in some states, the debt is still dischargeable but it can be more difficult to get the title once the car is paid later on down the road. Second question, yes lose the car with the girl, and why would you want to incur more expenses if you are getting rid of the carby selling it and paying the difference, it is pointless to sell it and pay off the debt pre-bankruptcy.
Third question is completely confusing, why worry about an additional car if you are ditching the girlfriend? Plus you can't exempt more than one car per person in a bk. You lost me on that one.

Lastly, I typically don;t have clients take their credit counseling class until right before filing,since it is only good for 180 days, and it sounds like your living situation is going to change now, which will delay your filing. Just know now the timer is ticking down for you to file.

Good Luck

[TEW]

You have some options you can keep paying for both cars and ride them through the BK or you can surrender both. If you ride through you can keep them after the BK just keep paying the loans if you get sick of paying for them just turn them in. as far as the CCs if your lawyer did not tell you, you need the stop paying them now. You are only wasting your money by paying them. In short if you want to keep it keep paying if not stop and let it go.

[BKParalegal]

Actually, TEW, if he is a single filer, the trustee can object to him having two car payments as an unneccesary expense, unless he can prove that one is for inclement weather or it gets exceptional gas mileage for longer trips, otherwise he will have to turn in one.

And if he keeps the two-timing girlfriend around and states that she makes the payments and maintains the vehicle, the trustee most likely will want to see her income and how she contributes to the household, which further muddys the water for him.

[TEW]

Actually, TEW, if he is a single filer, the trustee can object to him having two car payments as an unneccesary expense, unless he can prove that one is for inclement weather or it gets exceptional gas mileage for longer trips, otherwise he will have to turn in one.

And if he keeps the two-timing girlfriend around and states that she makes the payments and maintains the vehicle, the trustee most likely will want to see her income and how she contributes to the household, which further muddys the water for him.

noted Thank you

[TopGear]

Thanks for the replies guys.

Yes, both cars and the CC in question are with a credit union, so they'll most likely cross-collateralize. That's why I was asking about a 3rd vehicle since the other two would be surrendered.

[gymbo]

Now about that gir..X.
This day has been a mixed bag though. I was on a little high from finding this lawyer yesterday and this morning I ended up dumping my live-in girlfriend of seven years. I was angry when she came home at 7am this morning from being out all night with her friends (2nd weekend in a row) and after a little exchange, she flat out says, "How can I be with someone who is broke all the time and in debt!" Well damn, someone should have told me how they really felt all along. I simply told her "well now you're free to find that rich guy aren't you." What a damn waste of time. I'm doing my best to cut spending and take a long-term approach, and she just wants to Vegas and go out all the time. I go it alone I guess. Now we have to figure out who's moving where and I don't think an apartment would even take me.

If SHE'S so rich, why doesn't SHE pay your debts and you can live happily ever after? What a horrible thing to say. Sounds like she had "the itch" and just wants to do her thing... I think that comment was simply an excuse. That's too bad... 7 years is a long time. Looks like you'll be getting a fresh start all around!
(And you will find an apt that will take you - search other posts - it happens!)