I have a new car that I purchased about 8 months ago and intend to keep the vehicle by keeping the payments current. The courts in our district allow this, also the creditor is fine with it. I really want to hold onto the car because it is a great car and when I got it I was able to get 2.9% financing.
Anyway my concern is the monthly payment is 520 a month and while I use the vehicle for transporting my disabled mother, she is my dependent, I don`t know how nuts the trustee will go with this. I can see he could say if I disposed of the vehicle it would free up a lot of money for my non-secured creditors. My response would be yes but my ability to get a car now is about nil and the financing would be horrific. Also I need the car for my mom, and really the monthly payment is not a lot higher that the IRS standards utilized in the new bankruptcy code. Also I guess one could argue this in the end would just stick it to the secured creditor and create a real nightmare for me, no savings living check to check.
Any thoughts on how this may go or am i just overly paranoid. God it is hard not being now. To show you how crazy the world is I just got a credit card offer in the mail and my 341 hearing is not for several weeks. Pre-approved.
Thanks for the help.
Anyway my concern is the monthly payment is 520 a month and while I use the vehicle for transporting my disabled mother, she is my dependent, I don`t know how nuts the trustee will go with this. I can see he could say if I disposed of the vehicle it would free up a lot of money for my non-secured creditors. My response would be yes but my ability to get a car now is about nil and the financing would be horrific. Also I need the car for my mom, and really the monthly payment is not a lot higher that the IRS standards utilized in the new bankruptcy code. Also I guess one could argue this in the end would just stick it to the secured creditor and create a real nightmare for me, no savings living check to check.
Any thoughts on how this may go or am i just overly paranoid. God it is hard not being now. To show you how crazy the world is I just got a credit card offer in the mail and my 341 hearing is not for several weeks. Pre-approved.
Thanks for the help.