BK VS REPO!

[Superk88]

So in my dilmea to file chapter 13 or not I am considering just letting my motorcyle get repo'd. I have already caught up my truck payment and get to skip a payment next month. That allows me to knock out the last of a loan that is $389 a month! The bike is $282 a month and 140 on insurance. I can't keep paying for it..in fact it's 3 months behind. I have to give them a awnser tomorrow or it's up for repo.

I tried to get someone to co-sign with me to do debt condsolidation but it isn't happening. 

So my question looking at the long term point of view. Would it be better to just let this bike go us that money plus the other loan money to pay off other debts and get the rest of my accounts in good standing by the end of the year...or just file 13 and live it out for 3 years. I am in Florida and was told by my Attorney that the 13 trustees are brutal here.

[FireMedic1]

If its repo'ed how much will the balance be? They will sell it and if theres a profit. Youll get that back. It appears that you could go and get your credit house in order by years end as you stated. BK should be last resort if at all possible. To file BK just to keep a bike isnt worth it. You can get another bike after your back on your feet.

[Shooting-For-800]

Why Ch 13 and not 7?  

How much do you make?

How much do you owe in unsecured debt?

Repo is not simple, they can still sue you for the balance after they auction it off to their buddies.

How much is it worth?

How much do you owe on it?

[Superk88]

I can't do a chapter 7..I did that 4 years ago.

I make right now $41,600 a year...

I have $25148 in Unsecured debt

I have $70650 in Secured debt vehicles and what not

My bike in question is worth $8500

I owe $11400.

Can't get a loan to pay difference, no family to help, nothing.

[Superk88]

Right now, I feel like if I were to drop that one bike, I can slowly start hammering away at everything else...

I'm trying my best to avoid filing again and getting stuck in a 3 year re-payment plan. 3 years I can get myself out of this I think.

[pizza1]

If they sell your bike, and it doesn't cover the loan amount, you're still liable the balance of the loan.

[Superk88]

I figure they would nail me for the 3k difference...eventually. Mentally i am exhaust right now...I can't keep on doing this. I can take another job about 1 hour away and increase my income to about 60k a year possibly but I made a pro's and con's

Pro's
It's 3 minutes from my house.... I work from 6:30am until 5:00pm
It's extremely laid back
Can do whatever I want..
I can advance...they will pay for CDL plus they have talked about promoting me to over see all the warehouses in the Panhandle. This could lead to a big pay increase...maybe.

Cons
Don't make the $$$$ I need.

I can go back to being a service advisor where I was offered a $3500 salary job plus commission.

Pro's
Better $$$ possibly...if I don't make a very high commission then...
I know the field, the product, and the process already.
the best thing maybe....4 day a week work week.

Con's
57 miles one way to work. Start at 7am ends at 6pm. That means I have to leave my house at least by 5:45am and then get home around 7:00pm or later depending on traffic
Commission...if I don't make the money then it's all for not...I will spend I figured a minimum of $400 in gas per month...that's not including wear and tear.
It is the car business....pay plans, attitudes, anything can change in a heart beat.
I do have to work with the public again.

[pizza1]

I understand your dilemma. If your BK7 is past 4 yrs from your DC date, then you can file BK13.

pros:
reorganize and DC your debts, and get on a payment plan with one payment over 3-5 yrs .
You can also pay off the plan sooner.
You can later after filing, take a job that pay more, and pay more into the plan if needed.

Cons:
You will have two BK's on your reports, making it very very hard to rebuild at that point of any kind.


Or you can muddle thru it over the next few years, doing what you can to pay off things, let them get your bike and work out a payment plan with them to pay off the balance

[Superk88]

either way my credit is gonna get tanked.

My biggest concern with 13 is after the payment there not gonna leave me any money leftover to live.

[Anonymous]

You will not be successful in your 13 long term if you dont have some emergency money saved and available.