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2 quick vehicle questions

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    2 quick vehicle questions

    As you regular readers of my posts know, I have a car loan I plan on reaffirming. Right now, I'm upside-down on the vehicle (it's a fairly new loan) but it's my only means of getting to work. Anyway, I have two quick questions.

    1. Exemptions: Do I still need to list the vehicle as exempt, even if I have no equity? How would I list that?

    2. Amount owed: When I'm listing what I owe for the car on the various schedules, do I use the current payoff amount, or the amount I will have paid at the end of the contract, which includes many more months of interest payments? I'm assuming that, on the reaffirmation agreement, I use the full contract amount (unless we negotiate something different during the process.)
    This post does not constitute legal advice. If you use my advice in place of a lawyer, God help you.

    #2
    I looked at my filing, The attorney listed my car on schedule C 1000 exemption in first column, then in second she put the nada value book value of 3950. ( I am in florida) Then on sch D (she put 7033.00 in first column and 3083.00 second column.) I did reaffirm my car because it ws in my bf name and mine. Good luck filing on your own. Then I paid off with my 401 money, and then the car electrical system died. So I traded it. UGH..
    Last edited by Floridagail; 10-25-2010, 10:43 AM. Reason: add
    chpt 7 ,5-2009

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      #3
      If you are truly upside down on your car you need not exempt it. There is no equity to exempt.
      Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
      AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

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        #4
        That's what I was thinking, Joe, but I wanted some confirmation I guess.
        This post does not constitute legal advice. If you use my advice in place of a lawyer, God help you.

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