Please help : Am I doing the right thing.

[Anonymous]

i just re-read the thread and now i see you're a single income household and you're getting two vehicles, for a total of 80k, on a 75k salary.  that sounds like a terrible idea, tbh.  what happens if you lose your job? do you have a plan in place to safeguard yourself from bk in the future?  

[Anonymous]

Its amazing how you can pass such judgment on someone you dont really know.  Im not going to dignify your comments with any type of real response or explaination.  It wouldnt matter what I say, you already have your opinion.

My original questions have been answered.  Thanks though.

[Anonymous]

I filed my own bk largely as a result of my own irresponsible decisions, so I do not have room to judge. I don't question the quality of your character, just the soundness of this particular decision to borrow $80k the minute you exit chapter 13, and to expect to buy a home shortly thereafter.  I'm not calling you out to shame you or try to convince you that my opinion matters somehow because I don't care if you end up with credit problems again.  I'm not the one who will have to make those payments every month, you are!  

i'm stuck in a car payment right now that i don't like--i ignored advice to buy a cheaper car with cash and save up if i wanted a newer one.  now i wish i had listened.  i really don't care what you do, but i'm just throwing an opinion out there for you to consider.  i know bk sucks and it's so not fun, but for me it has been an opportunity to change my credit habits.  this board is about sharing information and experiences that help us along our own path.  i sincerely wish the best for you and the utmost success post-bk.  

Cheers!

[Scupra]

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@Anonymous wrote:

I filed my own bk largely as a result of my own irresponsible decisions, so I do not have room to judge. I don't question the quality of your character, just the soundness of this particular decision to borrow $80k the minute you exit chapter 13, and to expect to buy a home shortly thereafter.  I'm not calling you out to shame you or try to convince you that my opinion matters somehow because I don't care if you end up with credit problems again.  I'm not the one who will have to make those payments every month, you are!  

i'm stuck in a car payment right now that i don't like--i ignored advice to buy a cheaper car with cash and save up if i wanted a newer one.  now i wish i had listened.  i really don't care what you do, but i'm just throwing an opinion out there for you to consider.  i know bk sucks and it's so not fun, but for me it has been an opportunity to change my credit habits.  this board is about sharing information and experiences that help us along our own path.  i sincerely wish the best for you and the utmost success post-bk.  

Cheers!

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Great post!

I like that this hasn't derailed so let's keep it that way Nobody is attacking anyone and sometimes criticism is a hard pill to swallow. We are all here to share our stories and what we have learned in a civil, respectful manner 

[Anonymous]

If you make a thread titled "Am I doing the right thing?" you have to be willing to accept the answer might be no. I don't think dontworrydontpanic was overly harsh or judgemental.

I totally agree with dontworrydontpanic as well. Taking on vehicle loans equal to 100% of your yearly income is not financially sound. It doesn't matter whether you've had perfect credit/finances your entire life, or have had multiple BKs. It's just not a good idea.

I know you are a car guy OP. We all have our hobbies/interests that we are willing to spend money, and others might think it's crazy. Heck I have a big radio-controlled helicopter that cost $2000, people go bug-eyed when they find out how much I spent on my "toy helicopter". But what you are talking about doing does not fall under this category. These are the kind of things you do when all other things are in order, when all other debts are paid, and you have some extra set aside for the fun stuff. You don't go into debt for your hobbies/interests.

No one is going to fault you for taking on a modest loan to obtain safe reliable vehicles for you and your family. But going into major debt to buy a brand new sportscar and brand new SUV, I don't think you will get much help justifying that it's the right thing to do.

[Anonymous]

According to your logic, then nobody really should own a house either.  Its not about the combined prices of the cars, but what their monthly obligations are.  Two new cars in the range Im looking, plus a house payment is still only 50% of my monthly income.  So thats not ok>?

[Scupra]

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@Anonymous wrote:

According to your logic, then nobody really should own a house either.  Its not about the combined prices of the cars, but what their monthly obligations are.  Two new cars in the range I'm looking, plus a house payment is still only 50% of my monthly income.  So that's not ok?

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A house is one of the few things to have the potential to appreciate though. None os know your budget and what you can and can't afford, only you know that I think the poster was just cautioning you. Sometimes an outsider has an un-emotional view that can help. Does not mean you have to follow the advice.

[Anonymous]

Just want to point out that BK is a FEDERAL issue... Laws do NOT vary from state to state.

The laws are federal and not up which state you live in. That being said, it doesn't stop different attorneys from interpretating info this way or that way...just remember if THEY screw up (and many play loose) sometimes it's the client that eats crap.

We all have heard 'my lawyer said it was ok' meanwhile the client has to deal with a hassle ...
I'm cool with lawyers, love 'em but always check behind them cause many are again Lucy ducy with the rules FYI

[Anonymous]

I'm sorry that's not what you wanted to hear, but it is my honest opinion.

It is true, only you know what you can afford. Maybe I am way more conservative than you when it comes to finances. I just can't get past taking on that much debt for vehicles right out of BK, when you could get safe reliable preowned vehicles for much less and focus on saving as much as possible and giving yourself as much cushion and safety net as you can financially. That is what I'd be doing, but we are all different.

I guess I would just ask this: What kind of behaviors and decision making contributed to your BK? And what are you doing different this time around to change things?

Also, as someone who just went through homebuying process for first time and have been here researching, I can tell you for sure that taking on those large auto loans will affect how much a bank will approve you for on your mortgage. Make sure you do debt-to-income calculations with your anticipated car and mortgage payments. Most banks want you to be at less than 43% DTI to approve the mortage. Having 50% of your income go towards car and house payments is too much, at least in the eyes of the banks.

Good luck, hope things work out