topic Re: Finally Filed Ch. 7 in Bankruptcy

Finally Filed Ch. 7

LB216 — Sun, 22 May 2016 21:46:07 GMT

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

Re: Finally Filed Ch. 7

Anonymous — Wed, 25 May 2016 19:15:54 GMT

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.

Re: Finally Filed Ch. 7

Scupra — Wed, 25 May 2016 19:49:33 GMT

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.

Re: Finally Filed Ch. 7

Anonymous — Wed, 25 May 2016 20:40:51 GMT

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.

Re: Finally Filed Ch. 7

mynameainttracy — Wed, 25 May 2016 21:03:18 GMT

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

Re: Finally Filed Ch. 7

Wizdog1 — Wed, 25 May 2016 21:03:59 GMT

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.

Re: Finally Filed Ch. 7

Scupra — Wed, 25 May 2016 21:06:36 GMT

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.

Re: Finally Filed Ch. 7

Anonymous — Wed, 25 May 2016 21:25:40 GMT

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.

Re: Finally Filed Ch. 7

Anonymous — Fri, 27 May 2016 01:35:55 GMT

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.

Re: Finally Filed Ch. 7

Scupra — Fri, 27 May 2016 17:12:59 GMT

@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!

Re: Finally Filed Ch. 7

Anonymous — Sat, 28 May 2016 22:11:15 GMT

Thanx for u guys input on my situation. I'm gonna stick it out until after i get my discharge. My scores are in the 400's right now anyway and from most of what I've read here, my scores will probably improve after discharge and I fix my reports.

And yes im able to rent a car without a credit card. Just rented my sons prom car last weekend

thanks again