I have gotten in way over my head with credit card debt, and will be filing C7 soon.
My question right now has to do with my car (Chevy with almost 180,000 miles). I have managed to keep current on my payments, and am within 3 payments of paying it off. I checked its blue book value, and it is over the Illinois auto exemption (depending if you use sale value or trade in; the former it is about $2000 over, the latter a few hundred). I know that once the last payment is made, the car goes from a debt to an asset. I don't want to lose my car, and I need it to get to and from work.
I am still current on most of my other payments, but sinking fast. Should I rush to file for bankuptcy before I pay the car off?
My question right now has to do with my car (Chevy with almost 180,000 miles). I have managed to keep current on my payments, and am within 3 payments of paying it off. I checked its blue book value, and it is over the Illinois auto exemption (depending if you use sale value or trade in; the former it is about $2000 over, the latter a few hundred). I know that once the last payment is made, the car goes from a debt to an asset. I don't want to lose my car, and I need it to get to and from work.
I am still current on most of my other payments, but sinking fast. Should I rush to file for bankuptcy before I pay the car off?
Comment