Finally Filed Ch. 7

LB216 · ‎05-22-2016

I've been a long time lurker of these boards and after some research here I finally made the decision to file Chapter 7. I'm really just looking for some pointers when it comes to my rebuild. My main concern is obtaining another vehicle as I'll be surrendering the one I currently have. I'll give a brief order of events thus far in my journey.

-Case filed on 5/2/16

-Opened a Checking and Savings accounts with Alliant Credit Union

-Opened a Checking and Savings accounts with Navy Federal Credit Union

-My meeting is scheduled for June 21

I'll be surrendering my vehicle right after the meeting. So my main question is, do I finance another vehicle before my case is discharged? Or do I wait until I have my discharge in hand before I attempt to get another vehicle? I work 70 miles one-way from home, so a car is extremely important. I could possibly rent a car for a few weeks if need be. Are my chances better before or after discharge? My income is about 60k per year if that helps.

Thanx in advance

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Anonymous · ‎05-25-2016

Get it now before bk shows up on your report!

You'll be able to keep new vehicle and if you dont have to reaffirm, it's just an extra protection if things still dont improve after bk. You can walk away from the vehicle.

Scupra · ‎05-25-2016

You should probably check with you lawyer before purchasing a car while waiting on discharge.. That would not be a fun question to answer should the judge ask during your meeting.

Anonymous · ‎05-25-2016

I'm on the other side on this one. Now if it was something like jewelry or something like that, yes, that would look very bad.

But a car that you have every intention on paying for, bk or not, nothing wrong with it.

mynameainttracy · ‎05-25-2016

Keep in mind, can you even rent a car without a credit card?

Wizdog1 · ‎05-25-2016

Then it shouldn't be a problem running it past your lawyer. If you want to piss them off wait until the 341 and surprise them. This is the Feds, it is serious, be transparent.

Scupra · ‎05-25-2016

I witnessed some people get the 3rd degree from the judge during the meeting on what I thought was pointless things. Now, if I was a lawyer and the judge asked my client why they are filing BK and buying a new car at the same time....AND as the lawyer had no idea this was happening...yikes!

All I am saying is getting discharged should be your main priority right now and you shouldn't want to jeopardize it in any way. Making a simple 5 minute phone call to your lawyer should not be a burden for anyone and certainly won't hurt the situation.

Anonymous · ‎05-25-2016

I agree 100% there. Lawyer shouldn't be caught off guard with a new debt should the question come up.

But I definitely think he should do it and I'm sure the lawyer won't discourage it.
When I went it for my initial consultation I told him I needed my car. Once he saw how upside down I was, he said no, we need to get you out of this. He told me to go get a new car and then after I could decide what to do with them. Just had my 341 meeting yesterday and new vehicle never came up.

Anonymous · ‎05-26-2016

I am in the same positon but my lawyer listed my car in the chapter 7 but said to continue making payments. He said I did not have to reaffirm as I was making the payments and current. He said once my credit improves in about 6 months or so, take the car back and hand them the keys. Since it was listed in the Chapter 7 I could just walk away. He said I was upside down in the loan anyways and that the car was not worth what was owed. I thought that was great advice and have continued the payments. My 341 meeting was on April 7th and I am waiting for my discharge.

Scupra · ‎05-27-2016

@Anonymous wrote:
I am in the same positon but my lawyer listed my car in the chapter 7 but said to continue making payments. He said I did not have to reaffirm as I was making the payments and current. He said once my credit improves in about 6 months or so, take the car back and hand them the keys. Since it was listed in the Chapter 7 I could just walk away. He said I was upside down in the loan anyways and that the car was not worth what was owed. I thought that was great advice and have continued the payments. My 341 meeting was on April 7th and I am waiting for my discharge.

That was great advice from your lawyer! Hoping your d/c comes soon!