Talking with an attorney on Monday and was wondering while our credit score are low (630 somthing using Discover) could we both go for newer cars before we do a 7 or 13? Not sure which one we will end up qualifying for. Would this be illegal? Would they take the cars back once they see we have new car loans? Could we just reaffirm the loans? Also, been using cards to pay utilities and everyday spending. Do we have to have three months of non payment before we can file since using cards? Thanks in advance for all your help.
Starting Score:625
Thanks capabk for your response. Do you think Lexus would give us the ok when we buy after discharged, and we waited until say next spring. By the grace of God my car just passed inspection because the check engine light comes on when it feels like it. The car is a 01 Lexus and I've never had a days worth of trouble except for now the check engine light. I want to stay with the company and just wanted to know if they would give us a chance with a BK on file. Then if we have to do a 13, would they question why do we need an expensive car? 13 scares me because I don't like the fact that if you wipe you need permission!!
So do you think the attorney should we go with him tell us to stop paying the bills for the rest of the month. I used some cards last week, and well Mother's day is tomorrow! I don't want them to think I'm trying to commit fraud by still using the cards. If he says stop using them, will we then have to wait three months and then file? Would they not then charge off at that point? Very confusing.
Hi pipeguy, while I appreciate your opinion, you couldn't be further from the truth. First off, I'm using the cards because I'm paying my cards and therefore there isn't any money left to do the essentials like buy food, pay utilites and the like. I've been doing this for the pass year and a half so this is how we get by. This is how we're able to continue to pay for other bills and continue to pay credit cards (40) on time every month since 1997. Second, pertaining to the car, if you read the original post, I mention that I wasn't sure if this was or wasn't allowed. So let's be clear if I'm asking if this is permissible, how is that gaming the system? I'm asking before I do it! I've had my Lexus for the last 17 years and now it's time for a newer one. I'm not leaving the company because in all the time I've had the car I've not had to pay for major work nor has it given me any major trouble, like my Ford Taurus or my Chrysler Sebring did. My check engine light comes on at random and that's a problem when it's time for inspection. I paid $2000 last year to a mechanic and he didn't do the job properly so it still comes on. Plus other minor problems are ocurring. My priorties are straight, pay all of my cards on time until I'm told not to. Is the picture clearer now?
Thanks for the reply Em71. I'm gonna talk with the attorney on Monday and should we decide to go with him, I will then do what he says. I'm using some of them, but I'm also paying them. Does that not make a difference? We're about $400 short monthly so if we stop paying what do we do with the extra money? Won't they ask us how much money we have on hand? The attorney may be $3000, we can pay that in one month. Doesn't this thing take about 3 months? This is why we may end up with a 13. The question was since our scores are better now than they will be after bankruptcy, could we get newer, not new cars now. My car works now, but if we have to do chp 13, will they allow money for car repairs if something out of the blue happens, like the check engine light stays on. Can't pass inspection if light is on. This is why I posed this question, my thought was that it would be hardier once the BK shows up on our reports. I'm staying with my car company because like I mentioned it hasn't given me major trouble in the 17 years I've had it. Why would I go with somthing else? Just need some small things fixed, but don't have the money to do that now. If all I'm paying for is utilities, car payments and rent, etc. that's nothing compared with what we're paying monthly just for the cards. Am I expressing my point clearly? Let me know if you understand what I'm trying to say.