Financing before CH7

[Hopefull1983]

I know this question gets asked a lot, but mines a little different.

I am going to be filing my CH7 no asset the beginning of Nov. The problem is I need a vehicle and basically have no options. My thoughts are because I am filing very soon I should def. not take on any more debt; that would look bad. Secondly, my credit is destroyed and has a surrendered vehicle record from the truck I surrendered a few months ago.

Any thoughts on what I CAN do or what I SHOULD do? I'm gonna talk to my attorney Monday.

Thanks!

[keepmine]

Somehow, someway, you have to get a ride.
Finacing a reasonably priced car and reaffirming shouldn't be a problem.

[jessegirl]

I think that as long as you are going to reaffirm the vehcile you should be fine.

[ansky0007]

We have a 2005 Lincoln Navigator that we just recently stopped paying on because we are negative $6000 equity on it and we cant get rid of it so we are letting it go in our future bankruptcy (Around 60 days or so before we file)

We asked our lawyer the same question and said we needed to get a smaller more fuel efficient vehicle. He suggested we get a new vehicle now while our credit is still good and as long as we intend to keep paying for it there should not be an issue.

[AngelinaCatHub]

In my opinion, there are newspapers full of cars and also side of road sales. My wife drives an old police car costing us 800 in a bid and the next higher was 100 (darnit), and I put 200 into it to get a battery and tires and plugs. That was two years ago and it runs great. Look around. ‘Hub

[fltoo]

Ohh, did they let you keep the siren? LOL That would be fun.

[TEW]

I don't get it going back into debt after filing or just before.
I see reaffirm all over the forum and I just shake my head. WHY WHY WHY.
Drive an old piece of junk and put some money in the bank.
Why give the money to a bank. If you need a car like HUB said find something cheap and pay cash………… Why is the first thought a loan? Spend money you don’t have.
MHO is NO it’s a bad idea Forget reaffirming anything. If the bank insists give it back to them.

[WorkingItOut]

Well, I can't speak for everyone. But I drive about 550 miles a week to get to and from work, so I need a reliable car. Most $1000 cars would not last long under those conditions and I can't afford to constantly be putting it into the shop and having to take off work to do so. If I had a 5 mile commute to work, I'd definitely get rid of the current vehicle and buy something cheap with cash. But until I can afford to move, I really have no choice but to keep a financed vehicle.

[Hopefull1983]

I completely agree with you. If I do go out and buy a vehicle cash; once I file BK can the court take my car as an asset and pay creditors with it? The other side of it would be the argument of having something reliable. The reason I am not going to finance is because my credit is shot ever since I stopped paying my bills 5 months ago. No one in their right mind would finance me.

[TEW]

What are your exeptions for a car. Try to stay below it.

[Hopefull1983]

Talked to my attorney today about this.

He said to get a cheap used car to get me by until I obtain my bankruptcy discharge. Once I obtain my discharge, they can refer me to their auto specialist who can get me into a new car with a great percentage rate.

So I guess I'm gonna save a little cash up and go buy a beater to get me by.

[TEW]

Talked to my attorney today about this.

He said to get a cheap used car to get me by until I obtain my bankruptcy discharge. Once I obtain my discharge, they can refer me to their auto specialist who can get me into a new car with a great percentage rate.

So I guess I'm gonna save a little cash up and go buy a beater to get me by.

there you go let us know how you make out

[paintinrosesred]

why not do a lease if you need a new dependable car? that way you don't have equity.

[keepmine]

why not do a lease if you need a new dependable car? that way you don't have equity.

Many auto lenders have stopped offering leases.

[Hopefull1983]

why not do a lease if you need a new dependable car? that way you don't have equity.

I would love to lease, but my credit is HORRIBLE! Ever since I stopped paying my bills that I will be including in the CH7 my credit has tanked from 700 to a 470.

I don't think any dealer would lease me a vehicle.