I'm not complaining... The way I see it, it would have been worse for me the other way around-if the car was the one that survived! I recovered-and learned a lesson about the value of time and family. (I was in the hospital for 3 weeks, and physical therapy for a few months...)
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Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
A quick throw together using the IRS charts, the expense worksheet at
and our monthly budget which I have on the computer, this is what I have so far...
Expenses per Month
Mortgage: 738.95
Electricity: 118.00
Natural gas: 150.00
Firewood: 13.33
Water: 35.00
Garbage: 9.75
Telephone: 47.00
Cell phone/pager: 35.00
Cable/satellite television: 15.00
Internet: 55.00
Food: 424.00 (IRS tables)
Household items (non-food items): 48.00 (IRS tables)
Hygiene supplies (tooth paste, toilet paper, etc.): 43.00 (IRS tables)
Clothing: 95.00 (IRS tables)
Magazines, periodicals & newspapers: 2.50
Auto Insurance: 131.00
Gasoline: 180.00
Tires: 10.00
Vehicle maintenance: 41.67
Vehicle tax & registration: 15.83
Vehicle installments: 558.00
Pet food/supplies: 140.00
Total living expenses 2,788.03Comment
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The only area I could see a problem (trying to think like a trustee, LOL) is the pet food/supplies. Even so, since you're in the negative it doesn't really change anything.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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One last thing-if you're 99% certain that you're going to file (even though it might take a few weeks/months to pull it all together) you should stop paying on credit cards, medical bills, etc. If you do decide to give up a vehicle, stop paying on that as well. *You can probably keep driving it for a while at least, and you'll have to keep it insured for as long as you have possession of it.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Okay...
would it look bad if after I stopped paying the crediters, I used some of the money in our savings to get new glasses/contacts (I haven't done so in 3 years) or stuff like that? Nothing like getting a hair-cut or a manicure or stuff... I'm not that kinda gal.
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Nothing wrong to taking care of regular things that you need.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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When considering the value of a car, which one do they use? Trade-in, Private Party or Retail?Comment
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Under the new rules it has to be fair market value - private party would be a FMV.Originally posted by haunaniComment
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Okay... another auto question. What happens if the loan is upside down? Using FMV on one car, the loan is about $6k higher than the value of the car. If we surrender the car, which we'd be more than happy to do, how does it work?
Before knowing the answer to that question, it looks like we'll be okay for keeping everything with the wildcard exemption. With about $200 wiggle room.Comment
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If you surrender it, it's no longer your problem. Stop paying on it, let the bank repo it, and the unsecured portion will be discharged.Comment
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