I have a truck financed through my credit union. I talked with the finance manager in regards to reaffirming my loan. I owe 34,000 still on my 04 volvo. Currently my note is 750.00 per month not including insurance. she said if i reaffirm she would agree to make my note 300.00 for a year and then raise my payments to 450. okay lets do the math 300 x 12=3600 34,000-3600= 30400 / 450.00=67.5/12= 5 1/2 years on top of the 2 years i've had the truck plus the year at 300.00 a month=8 years. I can probably have enough money to buy a junker in about 3 weeks. should i just surrender the truck. i'm surrendering my house and i have an apartment lined up for september. for fyi i converted my old law 13 to a 7 on last friday. i'm leaning more towards walking away from this truck. any advice from my bankrupt buddies?
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341 creditors meeting complete 06/29/06:clapping:
last day for objection 8/28/06 :angel:
discharge date 8/29/06:yahoo:
closed date 8/29/06:yahoo: :angel: -
If I had a choice between paying on that truck for 8 years and walking away from it in bankruptcy............. I'd walk away.......
By the time you get it paid for it's not going to be worth anything anyways....
Now is an excellent time to change vehicles............ surrender it along with the house and get fresh start in life........Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
Kinda depends on what you need out of the truck.
Do you need the payment to pass the Means Test? If so, then keep the truck for the short term. Get thru the BK and then sell that sucker.
If you don't need the payment to pass the Means Test, then dump that payment in BK and RUN!!Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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thanks. consider it dumped
341 creditors meeting complete 06/29/06:clapping:
last day for objection 8/28/06 :angel:
discharge date 8/29/06:yahoo:
closed date 8/29/06:yahoo: :angel:Comment
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Be careful, if you could afford a 750 truck payment, there is a good chance they might find "disposible" income and keep you in a chapter 13. I am not sure how the conversion process works.Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
Plan Confirmation 6/16/06 :yahoo:
Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:Comment
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