to sell or not to sell that is the question?

[StopNAF]

I have spoken with my attorney and it seems that we will qualify for chapter 7 under the new laws. However, we barely squeaked by and the threat of Chapter 13 is ever present until our Chapter 7 is filed successfully.

The problem is if we file chapter 7, I have no problem letting our truck go. Personally I do not want to make for another 5 years, when I could pay cash for a vehicle after bk process. If we have to file Chapter 13 and get stuck in a 5 year payment plan, it would be harder to go out and pay cash on a vehicle.

Chapter 7-let truck go
Chapter 13- keep truck

This is my thinking thus far, any thoughts would be helpful.

Thanks

[StopNAF]

I guess the title should have been to REPO or not REPO that is the question

[Genenco]

Well, if you're about ready to file, I'd go ahead and do such, then while they were wringing their hands, drive it around and have a good time...

BTW, hit the local vehicle auctions. You'll pay the same as a dealer does for the vehicle and make a better deal then you could get anywhere...

[StaciMM]

If you can do without the truck/2nd vehicle for a while, I'd say go for it. Before BK, we had 2 vehicle payments ($505 & $369 plus insurance $220/mo) and now have 1 vehicle payment ($295, insurance $133/mo).

It is WONDERFUL having only 1 vehicle payment & set of expenses. DH was working 10pm-6am on one job & 6:30 am to noon on a 2nd. By going to 1 vehicle, he was able to give up the 2nd job. On the money end, it is fairly even. But its alot easier on budgeting NOT to make those payments (plus the $505 was awful on gas) and DH gets some sleep!

We'll never again have 2 vehicle payments. We'll share this one until its paid off. Maybe we'll get another then (used, and we'll find what we want on the terms we want rather than an impulse buy).