you really need to be discussing all of this with your lawyer.
I was in the same dilemma as you all when my business folded and I started working full time for another company. I only qualified for a 13 but I had a massive amount of debt from my failed business and high living expenses from when my business was doing well.
When my luck seemed to get worst is when I lost my full time job as well. The silver lining is that I was able to file CH 7 at that point because I then had no income coming in. As far as the car situation goes, my lawyer advised me to try and purchase a more affordable car from Honda etc before I filed as I had large payments on a BMW and a VW. He mentioned that many clients in my situation would do that and give the more expensive cars up in the BK. I gave up both cars after the BK and purchased a used car right after I was discharged. Kept it for 6 six months then traded up to a then brand new Lexus as I was then back on my feet. Lexus Finance has the same underwriting rules as Toyota so if you’re discharged with some rebuild then you should be good to go. Not sure how it works with a CH 13.
As as others have mentioned, if you don’t file then you can just let your cards default but remember you’re more likely to be sued if they see you’re paying on some cards while letting others default. As well, you’ll have a hard time getting an auto loan with all those charge offs and no recent auto loans but it could be done with the right down payment.
@nykos5000 wrote:I was in the same dilemma as you all when my business folded and I started working full time for another company. I only qualified for a 13 but I had a massive amount of debt from my failed business and high living expenses from when my business was doing well.
When my luck seemed to get worst is when I lost my full time job as well. The silver lining is that I was able to file CH 7 at that point because I then had no income coming in. As far as the car situation goes, my lawyer advised me to try and purchase a more affordable car from Honda etc before I filed as I had large payments on a BMW and a VW. He mentioned that many clients in my situation would do that and give the more expensive cars up in the BK. I gave up both cars after the BK and purchased a used car right after I was discharged. Kept it for 6 six months then traded up to a then brand new Lexus as I was then back on my feet. Lexus Finance has the same underwriting rules as Toyota so if you’re discharged with some rebuild then you should be good to go. Not sure how it works with a CH 13.
As as others have mentioned, if you don’t file then you can just let your cards default but remember you’re more likely to be sued if they see you’re paying on some cards while letting others default. As well, you’ll have a hard time getting an auto loan with all those charge offs and no recent auto loans but it could be done with the right down payment.
Thanks nykos5000. I appreciate your input and glad you're doing much better! So you had no cars for 5 years?
Starting Score:625
@princessminor wrote:
@nykos5000 wrote:I was in the same dilemma as you all when my business folded and I started working full time for another company. I only qualified for a 13 but I had a massive amount of debt from my failed business and high living expenses from when my business was doing well.
When my luck seemed to get worst is when I lost my full time job as well. The silver lining is that I was able to file CH 7 at that point because I then had no income coming in. As far as the car situation goes, my lawyer advised me to try and purchase a more affordable car from Honda etc before I filed as I had large payments on a BMW and a VW. He mentioned that many clients in my situation would do that and give the more expensive cars up in the BK. I gave up both cars after the BK and purchased a used car right after I was discharged. Kept it for 6 six months then traded up to a then brand new Lexus as I was then back on my feet. Lexus Finance has the same underwriting rules as Toyota so if you’re discharged with some rebuild then you should be good to go. Not sure how it works with a CH 13.
As as others have mentioned, if you don’t file then you can just let your cards default but remember you’re more likely to be sued if they see you’re paying on some cards while letting others default. As well, you’ll have a hard time getting an auto loan with all those charge offs and no recent auto loans but it could be done with the right down payment.
Thanks nykos5000. I appreciate your input and glad you're doing much better! So you had no cars for 5 years?
Thanks 
...oh no...I kept the cars during the 4 month Bankruptcy since the courts put a stay on debt collection, thus, the debtor can't technically repossess a car until the BK7 is discharged. BMW Finance did file a motion to remove the stay to repossess the car but once the motion was put in place and approved by the judge...I never heard from them. Once I was discharged, I went straight and purchased a used car through CPS and called BMW Finance and VW credit to come and get their cars.
@nykos5000 wrote:
@princessminor wrote:
@nykos5000 wrote:I was in the same dilemma as you all when my business folded and I started working full time for another company. I only qualified for a 13 but I had a massive amount of debt from my failed business and high living expenses from when my business was doing well.
When my luck seemed to get worst is when I lost my full time job as well. The silver lining is that I was able to file CH 7 at that point because I then had no income coming in. As far as the car situation goes, my lawyer advised me to try and purchase a more affordable car from Honda etc before I filed as I had large payments on a BMW and a VW. He mentioned that many clients in my situation would do that and give the more expensive cars up in the BK. I gave up both cars after the BK and purchased a used car right after I was discharged. Kept it for 6 six months then traded up to a then brand new Lexus as I was then back on my feet. Lexus Finance has the same underwriting rules as Toyota so if you’re discharged with some rebuild then you should be good to go. Not sure how it works with a CH 13.
As as others have mentioned, if you don’t file then you can just let your cards default but remember you’re more likely to be sued if they see you’re paying on some cards while letting others default. As well, you’ll have a hard time getting an auto loan with all those charge offs and no recent auto loans but it could be done with the right down payment.
Thanks nykos5000. I appreciate your input and glad you're doing much better! So you had no cars for 5 years?
Thanks
Oh ok, I see.