Getting rid of 7-9k

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Ok. So my other 30 page thread finally is about dead because we figured out that basically I'm screwed unless I sell the car and use the expenses towards school or other necessities. I AM going to talk to the lawyer again tomorrow face to face just to get everything straight before I go sell my vehicle lol.

In the case that I do sell my vehicle.. I will use most of the expenses for school I am sure, but what is something else that the cash could go towards to get rid of it? Something that the trustee won't want to take. Clothes? .. I guess I could go on a drinking binge or a food binge .. I Just want some ideas basically on what would be legal to spend it on.

Of course I'll verify with the attorney..just wanted a little heads up ahead of time.

[bkfiler]

lap dances.

[bkfiler]

what happened to the idea of showing that the parents have a contract with you on the truck and they own it, etc ?

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He said trustee more than likely won't care. It's my parents so there would be no way to prove I had a contract or if the contract took place when I got the car. He said it was a good concept but the fact is they don't care if I won it and didn't pay anything or if President Bush paid for it that it's in MY name so it's able to be taken.

[bkfiler]

ok so what happened to showing the trutee the contract that was written and in place at the time of the vehicle transfer signed and dated on that day?

[bkfiler]

State Exemptions Aren't Available to Recent State Residents

Under the old bankruptcy law, the personal property debtors were allowed to keep in Chapter 7 bankruptcy was determined by the laws of the state where they lived (as long as they lived there for at least three months). Under the new law, you must live in a state for at least two years prior to filing in order to use that state's exemption laws. Otherwise, you must use the exemptions available in the state where you used to live. Similar rules apply to homestead exemptions, which determine how much equity in a home you can keep when filing for Chapter 7 bankruptcy. However, to use your new state's homestead exemption, you must live there for at least 40 months.

Because exemption amounts vary widely from state to state, these new residency requirements could make a big difference in the amount of property you get to hold on to. For example, if you recently moved from California to Nevada and you have a fairly valuable car, you might want to wait to file for Chapter 7: Once you've been in Nevada for two years, you can claim its $15,000 exemption for motor vehicles. If you have to use California's exemptions, you can keep only $2,300 worth of equity.

[bkfiler]

i thought i read that somewhere about how long you have to live there but couldnt figure it out. i still keep reading '3 months' (greater of 180 days) as well.

we must be confusing the 'where to file' bk and 'what state exemptions you can use' requirements.

i think you just saved yourself some more money

[AMISLANDER]

I started thinking in those terms of...

...oh, I have some $ I have to get rid of...well, you could always prepay your car insurance (LOL!!!) on the car that you're going to keep...rent, invest in land in Florida if you can still find some swampland that hasn't been filled in...but it started to feel weird thinking I had to get rid of cash...... I paid up my car insurance and rent.

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ok so what happened to showing the trutee the contract that was written and in place at the time of the vehicle transfer signed and dated on that day?

Well like I said we never wrote a contract, it was an oral agreement. Sure, I could write one up and date it for that day but you get the point lol. He still said it doesn't matter how you obtained the vehicle even if you didn't pay a dime on it.. it is still in MY name and they can take it no matter what. Unless I want to pay the difference of the vehicle.

So this way I am basically getting a different car, might be out the depreciation of the few months I've had it, but I did get a good deal on it so maybe not. Most of the money will be used for my tuition/books which will be probably around 6k. Then I was thinking probably just use the rest to pay attorney. I've already paid my tuition this time so that's why I was asking what else I coudl use it on.

Tried to call the attorney hes out till 2 so I won't know till then. I also was going to ask him how long after I sell it do I have to wait to file. Do I have to use ALL the money before I file or after I sell it can I go ahead and file.

As far as the exemptions go I guess you could say that really won't matter in my case. The lawyer told me 90 days you have to be in Florida to file here. Since I have no assets like a home or anything most of the exemptions won't really apply to me from any state..

[AMISLANDER]

Same car (boat) here...

Well like I said we never wrote a contract, it was an oral agreement. Sure, I could write one up and date it for that day but you get the point lol. He still said it doesn't matter how you obtained the vehicle even if you didn't pay a dime on it.. it is still in MY name and they can take it no matter what. Unless I want to pay the difference of the vehicle.

So this way I am basically getting a different car, might be out the depreciation of the few months I've had it, but I did get a good deal on it so maybe not. Most of the money will be used for my tuition/books which will be probably around 6k. Then I was thinking probably just use the rest to pay attorney. I've already paid my tuition this time so that's why I was asking what else I coudl use it on.

Tried to call the attorney hes out till 2 so I won't know till then. I also was going to ask him how long after I sell it do I have to wait to file. Do I have to use ALL the money before I file or after I sell it can I go ahead and file.

As far as the exemptions go I guess you could say that really won't matter in my case. The lawyer told me 90 days you have to be in Florida to file here. Since I have no assets like a home or anything most of the exemptions won't really apply to me from any state..

See, I wanted to dump my car before I filed...get something around $3K...and take the rest of the cash & ?...but I waited and then filed and now, of course, my case is "an asset" case in FL...

So, my thoughts would be get rid of the "paid off" car. Don't file now...we've gone through the big law change......see if you can take care of the car problem & deal with the bankruptcy in a year or two...

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Well technically I guess yeah I could do that. The reason I wanted to file now was because of a car that I had repo'd a while back well now they are calling me wanting to work it out. Obviously I am not going to pay it so within the next month they are going to sue me, then get a judgment of course because I have nothing to say but yea im guilty basically lol. So that is pretty much why I wanted to go ahead and do it now. Plus just to get the worry off my shoulders.

[bkfiler]

it takes time before they want to sue you maybe. not all of them start right away. dont know why. guess they dont want to pay the attorney cost or loose value right off the bat. if you want to prolong it - if its recent - then set up a payment plan with them. or better yet just send them $25 bucks lol. wait, that might insult them haha.

if the debt is old you dont want to restart the SOL on it just in case you dont file bk.

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I talked to the guy yesterday about the situation. They said they would settle it for 7500...(i still owe 15500..i wish I knew where they sold these cars for so cheap so I can go buy my new one).. He said at the end of the month it leaves his office and it goes to an attorney in my area. Then they will add on 2500 bucks for attorney fees / court costs. So say they got a judgment mid feb... summons comes to me then... 30 days they get the judgment... so I need to sell my car fairly quick, hence I'm trying to get with the attorney on that to ask him what is the quickest and most legal way to do it (he said sell it and use the money) I just need to know if I have to use ALL of the money up BEFORE I can file. What I can use it on and so forth. That way I can go ahead and file and just get the whole deal over with.

Another reason I want to go ahead and do it is because I plan on getting a job with my Uncle in Ohio during the summer. He's the plant manager of 2 nuclear plants, so I will be making some good money and don't want to have to worry about wage garnishment etc. Plus he said they probably wouldn't want him to hire me because of the debt situation. They will hire you if you are 'cleaning up the debt' .. but if I'm not then they won't want to. So that's the whole reason behind it.

I love my long responses sometimes.. feel like my fingers are going to fall off..good thing I type quickly!

[bkfiler]

if they are concerned about the debt then debt or bk wont matter. its no difference as far as they are concerned.

people you are taking out a loan from are the same way. they see you got debt to pay and dont want to give you more. but they also see that a bk means irresponability as well. so they still dont want to give you money.

your uncle it manager anyways. dont worry about it. keep moving forward.

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This is true. However I'd rather finish up focused on college and not people trying to harass me for money, or thinking man that sheriff will be coming by today to give me a summons! So guess we shall see what he says!