I know it has been asked before but still have ??'s

[drowningindebt1]

We are definitely going to file chapter 7 probably in two months. Our car payment is $430 a month, about $11,000 in negative equity. Will it look bad if we buy a car this week while our credit is still good. I would like to buy something for around $15,000, payments would only be $250.00, I also plan on surrendering the old vechile through chapter 7, would this raise any flags? Thanks.

[BKBlues65]

I too have questions regarding cars. I was leasing an Acura TL for about 1 1/2 yrs because the payments were pretty low $415/m. After a consumer credit counseling mtg. I asked the advisor if she thought it was a good idea to purchase the vehicle while my credit score was still high. She said, "yes that would be a good idea." Now I'm worried because I purchased it on Dec. 10, 2008 and need to file BK C7 by around the March/April time frame and the car is worth around $30,000 Kelly Blue book but my payoff amount on the statement I just got is $32,600 not sure how that works?? Guess if I were any good with this stuff I wouldn't be in this predicament...lol

I also own (paid off many years ago), a 1997 Jeep which I gave to my 17 yr old (still in my name) but its only worth $3000.00 Kelly Blue Book.

I'm guessing the worst thing that could happen is the court will make me get a less expensive car. That would be a total bummer as I'm in Outside Sales and take clients out on a regular basis so having a junker would not be cool.

Any input on this?

[drowningindebt1]

I guess we should wait to talk to a lawyer the only reason I wanted to buy one now is b/c pretty soon, the credit score is gonna go way down

[HHM]

So, lets answer this questions for the 3rd dozen time , YES, you can buy a car right before filing BK and doing so will NOT effect your BK. The only caveat is the payment should be in line with the allowed monthly automobile ownership cost.