Just bought a car and got laid off

[glitters]

I bought a new car and got laid off in the same week. I found a new job but it pays $20,000 less than I was making. I have over $50,000 in credit card debt. All but one account is closed and I haven't charged anything in five months. I was 'just' keeping my head above water...but with my reduced salary I am falling behind. I have never been late on any payments....but might this month. I live in Florida and had some hurricane damage to my house which has to be fixed. the insurance deductable will take all my reserve. I plan to file bankruptcy. Can't see any other way.

My question is....can I keep my new car. I can make my mortgage and car payments...but that is all. The car is a slightly used Toyota Corolla.

Thanks for any help or advise.
Robbie

[Dawn1970]

I'm not one of the "legal minds" on here; just someone who's going through a Chapter 7, but as long as you are current on the car payments and have proper insurance for it I don't see why they wouldn't let you reaffirm on the car loan.

[PRO-SE-NOW]

Yes Dawn1970 is correct, as long as you are current and keep in mind you may wanna contact your car fiannce company or bank and let them know that your thinking about filing. when i contacted mine they told me they would let me continue to keep makin the payments on the car just as long as i let them be informed of when i actually filed. besides on my car i dont have equity,, the loan is a few grand more then what the car is actually woth, so if you are in that situation like me then you should be cool... unless there is something i dont know about,, ill be filing pro-se on my own within the next few months..