I filed a chapter 7 no asset bankruptcy on December 5, 2008. I am reaffirming a vehicle which is a 1996 GMC Truck. This week the vehicle has suddenly developed a problem. I've been to two mechanics that both came up with the same diagnosis and about the same repair costs, $450 to $475.
Since I'm living paycheck to paycheck this is money that I don't have. All my credit cards were cut up long ago. When I got home today, I find a check from a small loan company that I've borrowed from before. They send these out every once in a while. It is a $500 check. How convenient, a sign from above?
Payback is 7 payments of $86. I work 45 miles from my home so not fixing the truck isn't a possibility. However, now I look at this many ways; I see that this would be a great help in re-establishing credit as they do report to Equifax. (I've had loans with them before but never defaulted.) BUT Am I allowed to incur new debt? Will this get my chapter 7 thrown out? I have items that I could pawn to get the $450
Cash the $500 check or Pawn the stuff? Your suggestions, please?
Since I'm living paycheck to paycheck this is money that I don't have. All my credit cards were cut up long ago. When I got home today, I find a check from a small loan company that I've borrowed from before. They send these out every once in a while. It is a $500 check. How convenient, a sign from above?
Payback is 7 payments of $86. I work 45 miles from my home so not fixing the truck isn't a possibility. However, now I look at this many ways; I see that this would be a great help in re-establishing credit as they do report to Equifax. (I've had loans with them before but never defaulted.) BUT Am I allowed to incur new debt? Will this get my chapter 7 thrown out? I have items that I could pawn to get the $450
Cash the $500 check or Pawn the stuff? Your suggestions, please?
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