Chapter 7 Attorney Meet Soon

[Dmessina666]

Hi everyone,

It's been some time. Will everything going on in this world today, 7 is my best bet. I'm meeting with a local attorney near by hear in Massachusetts this week. 

I've done my homework, not nearly enough to be stupid and go on my own tho. I pass the means test, I don't have much when it comes to assets. My only concern is my house and my newly financed car. The house is staying. 

My question here today is regarding the car. Here we go:

2019 Chevy Traverse. 
Upside down on the loan

I owe $40k

Value is hovering around $34k, which means zero equity. 

My main question here is a redemption loan to get the monthly payment down from $718, or should I just include it and try to find a cheap car after discharge. 

I am currently on-time on every single account I have. 1 house, 1 financed car, 14 cards and 1 personal loan. 

Cards and Loan = $81k unsecured. Nothing else is being included. 

Can anybody guide me on this Redemption Loan route, or should I get rid of the car before filing? Any and all advice would be appreciated. 

[FireMedic1]

Leave everything the way it is. Who's the auto lender? Some will force you to reaffirm. Some wont. If you keep the car and dont reaffirm. You still make payments and keep the car. You turn it in. You owed 0. It wont report to the CRA's. All cards/loans will be closed. How much debt you talking about to file for?

[Dmessina666]

The loan is thru Ally. 

I just spoke with my now-attorney for the past hour, meeting tomorrow at 12pm. 

An issue was brought up. Possible issue. This upcoming June 29, 2023 is 3 years in my house. He said homestead is capped at $190k until I'm in the house for 1,216 days. 

As of 6/29 coming up, that's 1,095 days. The remainder is exactly 121 days. At first, he was advising me the less riskier way to go was Chapter 13 because my equity is hovering around $200k and the trustee MIGHT go after the house. 

After doing the math on the 1,216 day stipulation, the attorney said "most attorneys would still push you to go the 13 route, but I think you'll be ok if you wait out the remaining time and we can easily go 7, and it'll be a nice boring case, in and out". 

To be honest, he kinda sold me on it simply because he had me about to pay him tomorrow to go 13, the much more expensive route. Now I'm only looking at $2k. 

I'm currently looking into this 1,216 day in the home requirement, but something tells me this guy is a good dude. 

[Dmessina666]

Sorry, total debt is:

$60k unsecured cards

$20k personal loan. 

I hate saying that's it, but that's it. 

[FireMedic1]

Just like anything else try one more lawyer. See if they come up with the same process. Best to shop around a few and go with your gut on who will do the best in your situation. I Googled Board certified in Orlando. Had a easy and painless Chapt 7.

[Dmessina666]

Thank you, appreciate the time.