How soon can I relace my car?

[OhioFiler]

Thanks, thats exactly what I meant.



Ok then chief, just trying to make this as unstressful as possible. Have a laugh, let go.

Oh I have plenty of laughs here Sparky! I've learned one can't take life too serious or let others effect one's emotional well-being.

[teacher]

Just FYI, insuring another person to drive your vehicle is not an issue. It will raise your rates, but it is done all the time. Car insurance is NOT like health insurance.

[doingpoorly]

I'm following both of these Threads too. Explanation why is in a paragraph Below.

Hmmmm....poorly. 2nd payment made? Do the 2 payments equal more than $600? Filing when? with an Attorney? If so, did you seek his/her advice. Just throwing some questions at ya...don't have to answer them. IF BK is near, possible to stop paying parent until discharge, JUST in case you get a 'Nappy' Trustee??

It's a shame when people are: So financially strapped - know they are unable to make unsecured loan payments - know they are headed to BK - meet with Attorney & he/she says 'Yep, can file BK', see my paralegal for your packet, Contract & btw, I need a retainer fee' - relatives want to help & you let them.

Then, you start seeking info on Chapter 7 & find out you are 'Screwed' because a Relative helped you out! I'm in the same situation except mine involved my ex's wife paying off a Credit Card, promissory note written & I've paid her $1,000 in Nov. & Dec. My Attorney seems to think Trustee will overlook it - best scenario. 2nd scenario - Trustee makes me pay the difference of $400. Worst scenario - I have to pay Trustee $1,000.

Whatever happens, Happens. I'm not waiting until next Feb. to file. I know all of our Credit Cards are now in the hand of CAs' and or JDBs' & I don't want a Judgement filed.

The 2nd payment will be made before I file in August. The payment amount is $120 a month. Why would it be a problem if it were over $600- it wouldn't be a preference unless it was an unsecured - unperfected loan, no ? We do have an attorney, but their answers are not always 100% as we all know. I am looking for experiences of others in same/similar situation. The attorney said to do it the way I did it, but again, just trying to see what has happened in the real world of bk filers. I wouldn't want to stop paying parent for the loan...if I did they would repo it faster than anything. Parents didn't do this as a gift. I am paying a good amount of interest and doing business with my parents isn't a free ride.

I knew I couldn't afford my loan and lease and needed to find a replacement car. Exemption here is only $1000 and not only did I not have $1000 to buy a car, what could be found for $1000 wasn't going to fit my needs, so we did what tons of others do before bk , we bought a car that we can afford and are making payments on it and the loan has a lien on it just like they would for any other business/ person that made me a loan. My parents did not HELP me, they GAVE me NOTHING.

You are right what whatever happens, happens, but there is nothing wrong with bracing for the crash. We just have to hang on tight.

[LuciluS]

Doingpoorly:

You cannot pay any unsecured debts more than $600 within 90 days of filing BK. I got cornfused

Hey you see this post?

http://www.bkforum.com/showthread.php?t=41028

Luci

[doingpoorly]

Doingpoorly:

You cannot pay any unsecured debts more than $600 within 90 days of filing BK. I got cornfused

Hey you see this post?

http://www.bkforum.com/showthread.php?t=41028

Luci

Yep, saw that one too. I would be worried that TT would see that as trying to work the system. It would probably look better if income were low, car was sold to unrelated party and cash used for daily living expenses with paper trail.

[hurtininaz]

Thanks for the responses. It sounds as if others are confused on the subject as well. I do not want to commit fraud and complicate matters, which is why I asked.

I do have three vehicles, one owned, one will only be 30 days late upon filing in August and the other 60 days late. It sounds as if I will be able to state that I want to redeem the 30 days late truck (and maybe I will if they will let me buy it for blue book). I can choose not to redeem if the bank wants too much right?

[tinfoilhat]

Thanks for the responses. It sounds as if others are confused on the subject as well. I do not want to commit fraud and complicate matters, which is why I asked.

I do have three vehicles, one owned, one will only be 30 days late upon filing in August and the other 60 days late. It sounds as if I will be able to state that I want to redeem the 30 days late truck (and maybe I will if they will let me buy it for blue book). I can choose not to redeem if the bank wants too much right?

Apparently multiple posts on the same subject confuses people.
I don't know what the hell you're trying to do now, I was going off of the original post that started this thread.

Don't try to clear it up for me either, I won't be checking back.

[bkmaggster]

Thanks for the responses. It sounds as if others are confused on the subject as well. I do not want to commit fraud and complicate matters, which is why I asked.

I do have three vehicles, one owned, one will only be 30 days late upon filing in August and the other 60 days late. It sounds as if I will be able to state that I want to redeem the 30 days late truck (and maybe I will if they will let me buy it for blue book). I can choose not to redeem if the bank wants too much right?

Actually, I don't think anyone was confused about the topic - just miscommunication and reading comprehension. If your parents are willing to buy the car with their own money and keep it in their name, let you borrow it and give it to you as a gift only long after you are discharged you can do that.

It sounds like you are trying to do something completely different now, though.

[doingpoorly]

It sounds like you are trying to do something completely different now, though.

Sounds to me more like OP is running through all of her options. It is real hard to choose the best course of action without all the pros/cons of each option laid all out.

Hurt- If it were me and had the opportunity to redeem AND needed the expenses relating to a second vehicle I would try to redeem. If I didn't need the expense of a that second vehicle, I think I would let the lender have the vehicle and then let parent buy themselves a car and let you borrow it. Either way seems like it would work just fine, it just depends on which way makes the most sense for your family. Curious though....where would the money come from to redeem ?

[CH33 Paralegal]

There is a place for that type of activity...SOFA #14. Items that you possess that are technically owned by someone else. If you parents want to buy you a car, that's their decision. They aren't helping you not pay your debt. They aren't taking money that should go to the trustee and putting it towards something preferential. They are taking their own Not-involved-in-bankruptcy money and spending it on their kid. Nothing wrong with that at all. The BK court is not interested in preventing you from receiving help from people that want to help you.