Still unclear what to do...suggestions please!!!!!

[amc3000]

Maybe long, please help

Long story short, ive talked to an attorney and he gave me my options. Ch7 and reaffirm my 3 secured loans and pay him 1800 up front. this gets rid of about 20k of unsecured debt. ( apparentley i fail means test when i do NOT reaffirm all 3 loans so he said i had to keep them)

Or Ch13 and give up 3 secured loans and keep rest and pay like 600 month for 5 years. 3500 but rolled up into the payments

He said that in my case, i dont have any real good options. He suggested CCCS.

So there is my thing, yesterday was the first time in about 8 years i had a 30 day late. I was sitting at a 700 credit score too So, the deal is, i do not want my truck. I dont want to have to keep it. It gets 14mpg and costs me about 800 month to maintain it. That is a HUGE reason im poor.

I just dont know what to do. I dont want to reaffirm the truck, but its the only way i can do 7. Will take a while to save up almost 2k in cash to give him too. But he said i need to keep my 3 secured debts current so i can reaffirm. Which as of yesterday, it is 30 day late. I Just want rid of truck at the very least, and possibly my motorcycle (which is one of the other 3 secured loans)

any suggestions? Ive thought about just telling them to come get the truck and motorcycle and not filing anything. I guess i will have 2 repos on my credit. Either way i go its going to get destroyed anyway. That would save me about 1k a month on those 2 which would save me.

THANKS!!!!!!

[emoney]

First things first. You are not BK, but your spending habits are taking you there fast.
Next never repo anything. They will sell it at any price and come after you for the difference.
Now this is what I would do:
1. Sell truck and motorcyle and anything else to raise cash.
2. Buy a $2000 car until your self made financial storm is over.
Lastly, start listening and following Dave Ramsey advice on the radio. Its free, otherwise I would not listen either.
regards,
emoney

[krielly]

I'm sorry.....something is just not adding up here. If you file a 13, you say you'll need to pay $600/mo x 60 mos????? That's 36K, when you say your unsecured debt is only 20K...................?????

PS: If I had my 13 to do over again, I would have gotten more than one consultation..............I would suggest talking to at least 1 if not 2 more.
We didn't have time for that, as we were trying to file before the laws changed back in 05. Time is on your side here.........get some more opinions.

[amc3000]

the thing is.. the truck is killing me. It is costing me so much money its not even funny. Literaly between gas, payment, and insurance, is over 1k a month. I am very negative in the truck and motorcycle. Why is a repo that bad? IF they come back for the negative, how long u got to pay it?

and as for the 13, i may have it wrong, i have to go look at notes, he may be including the secured. sorry, its been about a month since i talked to him.

i just dont want the truck. I even thought about trading it in this week. I got offered $9500 for trade in on it. I owe 16k.


Krielly- Thanks. But im just trying to figure out what to pay since i do have some time. Attorney said pay the secured debts and not the unsecured cause if i try to reaffirm, creditors dont want to see me not paying them.

[One Half Full]

is the truck loan upside down?

[MajorMike]

I'm so confused. Break down the 1K for the truck.
What are your 3 secured?
You can surrender these in a 13, and the remainder owed is unsecured. You need more clarification on a 13 vs. a 7 for sure. Go see another attorney and tell them your exact situation.

[amc3000]

yes, im very upside down. I could prob sell it to an individual but still be upside down about 3k.

Major.. what do you mean break down the 1k for the truck? My secured loans are a bedroom suite (which id like to keep) a motorcycle (upside down about 3k) and my truck (upside about 6k).

So, if i PLAN on doing something like a 13, do you suggest i pay any of my bills right now? Like, if i know im going to get rid of the truck and motorcycle, should i continue to pay? Obviously i run the risk of the repo man cometh'ing. I just need to save for the attorney.

Thanks

[tay666]

Why don't we start with the basics?

Where do you live?
How much do you make (gross)?
How many in your family.

Answers to those questions will tell us if you are above or below the median income. Which has a lot to do with 'can you get a cH7"

[amc3000]

well, ive talked to an attorney. I can do ch7 ONLY if i reaffirm my 3 secured loans which 2 of them I DONT WANT. So, now im thinking ch13. I just really dont want the truck and the motorcycle.