Hi, I'm new here. Been reading the posts for a while and finally met with a BK attorney this week. He thinks I may be able to file chapter 7- my salary is a little above for the means test but he is trying for 7.
So he gave me he 722 redemption info. I understand they charge a very high interest rate 25% plus. Currently, my vehicle has an 8.99% interest rate and I owe $16,000. For redemption do they use the trade in or retail? I read on here that they use retail. If that's the case, retail value for my car is $14,000 so I do not see how redemption will significantly help me. But I really need to do something about my $500 a month payment. It is killing me.
Also, I will not be able to come up with the retainer until June to file so I was considering taking out a payday loan for some extra medical expenses. STUPID me paid off 2 of them last month- $1,100 worth and then I found out I could have kept that money and included them in the BK. I read that you can take out small loans as long as it is longer than 90 days before filing. Is this true?
Also, my attorney told me I need to open a new checking account since I owe money to my current bank. My credit score has taken a hit because I am over 2 mos late on some of my credit cards. Will I even be able to open another checking account right now?
Thanks in advance for any responses.
So he gave me he 722 redemption info. I understand they charge a very high interest rate 25% plus. Currently, my vehicle has an 8.99% interest rate and I owe $16,000. For redemption do they use the trade in or retail? I read on here that they use retail. If that's the case, retail value for my car is $14,000 so I do not see how redemption will significantly help me. But I really need to do something about my $500 a month payment. It is killing me.
Also, I will not be able to come up with the retainer until June to file so I was considering taking out a payday loan for some extra medical expenses. STUPID me paid off 2 of them last month- $1,100 worth and then I found out I could have kept that money and included them in the BK. I read that you can take out small loans as long as it is longer than 90 days before filing. Is this true?
Also, my attorney told me I need to open a new checking account since I owe money to my current bank. My credit score has taken a hit because I am over 2 mos late on some of my credit cards. Will I even be able to open another checking account right now?
Thanks in advance for any responses.
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