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For various reasons, I am about to talk to an attorney to file ch7
Here's my situation - I hope I can explain it well:
I have 2 cars, both 1 1/2 years into 6 year loans.
One car I have a perfect payment history on (the cheaper one), the other I have neglected the payments on during times of financial hardship.
Since I have the 2 cars, and since my employment contract is supposed to be up in a month (I am an IT contractor - we never know until the last second if our contracts get renewed), I made the tough decision again to risk losing one of them in order to save the cash instead (I have barely avoided repo on it previously during an unexpected job loss - the repo order was issued, but I was able to pay before it happened). I am now 90+ days behind on payments on it, and a repo man stopped by yesterday for it (he did not get it - I was not home).
Unfortunately, my other car with the perfect payment history, which I had planned on keeping, I was just recently in an accident with and it is being totalled by the insurance company. I have gap insurance, so this loan should be paid fully and closed rather soon.
But now I am at risk of having NO car at all if this repo happens.
I think I have enough $ to catch up on my payments of the car I am behind on, but the bank (wells fargo) locked my online account access. I am assuming when I contact them they are going to say I need to pay the full balance off, or let them repo the car.
So my dalema is this - assuming I can and will go forward with the ch7: is it even possible to halt the repo and keep the car (my preference)? Or worse case, at least halt it long enough to take my saved cash to buy a cheap replacement? Can I even expect to be able use that cash to get a car? (my state exemptions only allow for $450 in savings/checking).
Check your states bk vehicle exemptions, they are usually a separate exemption. Check to see if your state has a wild card exemption where you can exempt a beater if you buy one. Do you still qualify for the ch 7 without your current high vehicle payment? If so then don't try to keep the vehicle and get a gently used vehicle. If not, then consider paying all the past due to cath up before you file so you have the vehicle in the 4 month bk auto stay period. Discuss this with your attorney so you make an informed decision
I won't qualify for the ch 7 without it. If they get permission to break the stay and repo it, would that get my ch 7 denied since i no longer qualify?
I could let it get repo'd and get another at a sub prime dealer with a payment high enough to still qualify.. maybe
"I won't qualify for the ch 7 without it."
You don't know that for sure. I assume that what you mean is that, without a car payment, if you substract your schedule J expenses from your schedule I income, you have excess income. But unless the car payment was huge, it's probably not going to make a dent large enough to move you out of chapter 7.
A bankruptcy attorney will no better, so ask him those questions in your consultation.
the payment is $750 per month (almost $50k vehicle when i bought it).
when I do the online means test, if I remove the vehicle and it's allowed operating expenses of $517 I no longer pass.
I am seeing an attorney this week hopefully... I was hoping to get my head around everything first, but that's not looking like it's going to happen until i meet with the attorney.
To be frank: Why are you "assuming" what Wells Fargo will tell you, instead of making the simple phone to find out? You've made an appointment with an attorney, written here, but won't make the phone call to ensure that you're making an informed decision???
I have been plannng on the bankruptcy on and off for a year.. this car was originaly going to be sacrificed as I had another - but that other car was just totalled in an accident. Plus, I posted that during the weekend, and wasn't able to yet contact the lender.
Sue me - I'm a software engineer and former miltary analyst - I white board and analyze the **bleep** out of everything
anyways, thanks everyone for the input.