question about repossession(s)

[doglover1970]

I have attached a thread I started in chapter 7 here:

http://www.bkforum.com/showthread.php?t=26348

I was (and may still be planning on filing for bk). I do not think that I will qualify for a chapter 7, so was looking at my situation I really do not want to file chapter 13. I have two auto loans and a boat loan with the same credit union and can not afford the autos. I may have a chance to come into a little money (sign a gas lease), that I would be able to buy two auto's from auction.

We are in Texas.

What would be your thoughts of how much trouble or repercussions for this?


I know some will say that I should not have taken loans if I could not afford them, well truth be told, I could at that time, but do to injuries and loss of job for my wife we do not make nearly as much as we did.

Any thoughts and advice is appreciated.

[BKParalegal]

Yes, you can take your mineral rights money and buy a couple of cars. Depending on the equity in your home (less than $40,200 per couple) then you can use fed exemptions and you will then be able to use the wildcard exemption to cover any equity the vehicle exemption doesn't cover. I would keep the value of the cars to about $4k to $5k each. If your equity is less than the number above, then you can save a bit of the cash as well and exempt it with the wildcard($11k total exemption).

Good luck

[doglover1970]

Thanks for the input. What do you think legally the credit union would be able to do, if I do not file for bk (with the elimination of these bills I think we can get by) obviously we will not even try to finance anything for an extremely long time, but was wondering if do to the amount (about 71k in loans) and the fact that I would have three repo's from the same company at the same time.

thanks again.

[GoingDown]

Local credit unions are likely to sue you. But wages are supposedly exempt from garnishment in Texas. If you kept your money out of checking accounts/savings accounts, they probably couldn't do much to you other than slapping a lien on real estate.