Few more BK questions.. please help....

[mesa777]

#1) IF I decide to file bankruptcy and have NO CHOICE but to file a CH 13 due to my income being around $51,000.00 a yr here in AZ what can the BK Court make me pay if I am already barely able to make my bills the way it is now? If I decide to keep my home, I have a first and a second, will lose my car since I have over $20K equity in it, will have to go out a buy a used car I assume..


How much could I really be looking at??? How can I be held hostage and force to make payments that I cannot even afford to being with???? Chapter 7 should be what I am looking at????

#2) When I spoke to an attorney last week he said that since my car has $20K equity that the trustee would pay off my $5000.00 lien and then I would get $5000 back to buy a new car???? I AM SO CONFUSED over this car crap.... Cant I just go out, trade in my car and sign a lease and keep the cash???

Someone please give me some insight into this... I really feel like the BK system holds good people hostage and when a rich person files BK they keep everything... I am very confused here..

[keepmine]

Nobody can tell you what sort of payment you would have until you fill out your schedule of expenses vs. income.

I don't know why this car issue is so hard. We've been through it in a numbert of threads. You have equity in an auto far in excess of what your state allows.
No way you sell the car and keep $20K in cash in a Chapter 7.
Honestly, it's time to grow up and stop whining about the bk laws.
Sometimes bk isn't the best option. Sell the car and paydown those debts. See what you can realistically sell your home for and rent for awhile.
That expensive car is gonna cause you a lot of problems if you try and hold it through a bk.

[mesa777]

Thank you for the response.. I am just very confused here with the car situation... how would the trustee give me back $5000???