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 Posted: Tue Jan 01, 2008 8:38 am Subject: Question |
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I'm currently in a Ch 13 and I kept my car through it b/c the trustee makes the payments. Well, my question is, can I turn around and give the car up in the BK b/c the creditor will be getting more than the car is worth by the time my BK is done. I would only do this if the trustee would agree to let me find another vehicle that is cheaper, but I also know that I would have to make the payments outside of the plan, which I think I can afford.
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| Posted: Tue Jan 01, 2008 9:16 am Subject: Question on bankruptcy and keeping the car. |
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That is an interesting question.I have not filed BK but when going over my options-read up on it.
I thought I read somewhere that at the time of filing-the attorney or trustee contacts the company who is financing your car and negotiates it to the estimated value of it-not what you owe on the car.
If that is correct-that may help your situation but honestly I am not sure on this one. Anyone familiar?
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girlndebt
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| Posted: Tue Jan 01, 2008 10:44 am Subject: |
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Giving up the car under the old code was easy. There was even a mechanism where you could only pay what the car was worth. But I'm not sure how it works under the new code. You should probably check with the lawyer that filed it for you.
One other thing - you're not going to have an easy time getting a car loan during trhe bankruptcy. You may even have to go to a buy here pay here lot. So you'll want to factor in some very high interest when you determine what is better for you financially.
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FreakyFriday
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| Posted: Tue Jan 01, 2008 10:57 am Subject: |
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Be very wary of those buy here pay here lots, I have gotten stung twice on them...I finally learned my lesson and bought from private owner with financing through my credit union.
ladybug
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ladybug
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| Posted: Mon Jan 07, 2008 5:17 pm Subject: |
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I surrendered 2 vehicles in chpt. 13 so I could get my weekly payments to the trustee down. I did have to go to a buy here lot, but I found a great one. Once your 13 is over, the remaining debt(what they couldn't get for it) will be discharged, you won't owe anymore money on it.
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downs8453
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