bankrupcy question

mach1 · February 01, 2009, 02:16:41 PM

I have a lot of trouble paying all my bills the only one i pay monthly is my new car. Shortly i will be refinancing my car with a creditunion and stop using capitalone and the lien holder. I also have a creditcard with capitalone that I keep getting behind. If I move the car over the the creditunion will i be able to keep the car if i file bankrupcy?

joshr08 · February 01, 2009, 02:30:43 PM

from what i remember when i checked into it myself they told me i could put what i wanted to keep and what i wanted to file on.

mach1 · February 01, 2009, 03:55:56 PM

Did you ever follow through? Bankrupcy is my last resort but that may come sooner than i though.

PuddleJumper · February 01, 2009, 04:24:30 PM

Hi mach,

Check your PMs

joshr08 · February 01, 2009, 05:19:27 PM

no i never did go through with it and that was 5 yrs ago. I have almost paid everything off that i was going to file on and credit score is slowly coming up.

yamahonkawazuki · February 01, 2009, 09:14:07 PM

IIRC i took one in 04, i filed 7 gave up everything. BUT if you went 13 you could keep it. grANED bankruptcy laws have changed recently. consult an atty for more relevant info

ohgood · February 02, 2009, 06:11:50 AM

we were close once. we sold all the crap that wasn't paid for, and some of it that was.

paid off the debts, worked hard, debt free for almost 9 years now. never again will i finance anything other than a home. ever. ever. eff the banks, they deserve 1 billion people defaulting.

PuddleJumper · February 02, 2009, 04:12:48 PM

+1 on what ohgood said.

I've been listening to a guy named Dave Ramsey for a couple of years now.

He has some excellent advise on how to live and save for the future.

His main point is finance only a house, and then only the one you can actually afford.

The way he calculates that is, the monthly cost of the house should come to no more than

25% of your monthly take home pay.

That puts most people into a more modest house than what they are living in.

BeSafe
PJ

pandy · February 02, 2009, 07:54:58 PM

You should be able to reaffirm your car loan, unless they've changed that part of it to make it as consumer-UNfriendly as the rest of the bankruptcy laws now.... Hope it all turns out well for ya'.

yamahonkawazuki · February 03, 2009, 11:00:25 PM

Quote from: pandy on February 02, 2009, 07:54:58 PM
You should be able to reaffirm your car loan, unless they've changed that part of it to make it as consumer-UNfriendly as the rest of the bankruptcy laws now.... Hope it all turns out well for ya'.

yup, best of luck to you

trumpetguy · February 04, 2009, 05:53:08 PM

Quote from: PuddleJumper on February 02, 2009, 04:12:48 PM
+1 on what ohgood said.

I've been listening to a guy named Dave Ramsey for a couple of years now.

He has some excellent advise on how to live and save for the future.

His main point is finance only a house, and then only the one you can actually afford.

The way he calculates that is, the monthly cost of the house should come to no more than

25% of your monthly take home pay.

That puts most people into a more modest house than what they are living in.

I have always bought conservatively on houses. Now I'm in a house that is four years from paid off and I'm 51. I have been making extra principal payments since I did buy less house than I could have qualified for. The OTHER result of a lower house payment is no credit card debt. I have never carried a balance longer than a couple of months, and none in the last ten years or so.

Get in the habit of living within your means, whatever they are. That could mean rice and beans for a few months (mega-cheap in a 50 lb. bag) but it works. We have no car payment right now, so I'm saving to buy a newer car with cash in another year. I could easily "afford" a car loan right now, but I'd rather save now and buy for cash so I don't waste my money on interest.

PuddleJumper · February 04, 2009, 07:20:27 PM

You've done pretty much what Ramsey teaches.

I haven't done quite as well in the past, but I did clean up my act after losing my butt a few years ago.

I can see the light at the end of the tunnel, and it's not a train coming at me.

BeSafe
PJ

jserio · February 04, 2009, 10:20:15 PM

even those of us living within our means are sometimes hit by trains.

all it takes is the loss of the job and it doesnt matter what the payments were on anything if your bank account is emtpy.

yamahonkawazuki · February 04, 2009, 10:55:54 PM

agreed jserio, ive been there, since my bankruptcy in 04. i also gave my home to my mother ( quit claim deed) , and am now helping her. with her problems, ( shes bed ridden ) tbu thats gettign better, and im tempted to relocate, since work here in this area is either fast food or factories. neither of which can support much at all

jserio · February 05, 2009, 01:21:13 AM

only work here is if you have a degree. engineering jobs seem to be in abundance.

trumpetguy · February 05, 2009, 11:03:14 AM

Quote from: jserio on February 04, 2009, 10:20:15 PM
even those of us living within our means are sometimes hit by trains. all it takes is the loss of the job and it doesnt matter what the payments were on anything if your bank account is emtpy.

I certainly agree with you on this. Loss of income is devastating and interrupts the plan. My point is to live within your means always, and to be ahead of the game.

If I lost my job, I'd be where you are in a few month's time. However, all our vehicles are paid for and we have no debt other than mortgage, so it would be a little easier. Only delaying the inevitable, though.

I also have some skills I could use to do odd jobs -- you probably do as well, and I know you're thinking of this. I feel for you, jserio. It sucks.

yamahonkawazuki · February 05, 2009, 09:58:54 PM

or axs they say, aint it a bitc h?, youll pull through jus tighten teh belt up alot and be ready. as TG said, live within your means, and in some cases under them as well

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bankrupcy question