No. of Recommendations: 0
Hi!
Preparing to file BK7.
I use my car for work (real estate agent).
I owe $13,500 on it and it would probably retail for $17,500.
What happens?
Can I keep it?
If so, do I continue making the payments and finally pay it off one day? It seems this might be one way to immediately begin re-establishing credit.
Thanks for input!
Todd
Print the post Back To Top
No. of Recommendations: 0
Todd,


Depends on your state allowance. Also it helps to know whether you own a home or not. Anyway, some states let you keep a certain amount of property value free of the BK liquidation (will include home and other valuables). You will have to decide whether its worth to keep the car vs. other property. Although for the looks of it, you very well could sell the car to pay it off, and pocket the $4,000 difference BEFORE you go BK, buy a cheap/reliable car with that money. (Unless of course you need the car as part of your job (e.g. sales, installations, etc...) Or if the car payments are being taken care of in time, you might be able to clear it out of BK.

Ciscokid
Print the post Back To Top
Advertisement