I am filing chapter 7 bankruptcy. I was orginally going to keep my car which I love. I still owe about $7000 , which is about two years of payments. And it's insurance is pretty high because it's a newer sports car. My dad recently gave me a old car, that runs good and is paid off with cheaper insurance. Should I surrender my car and keep the one he gave to save money. PS My car is not worth $7000.
2007-06-30 01:15:16 · 4 answers · asked by Jesse's Girl 2 in Business & Finance ➔ Personal Finance
personal choice but i would surrender the car and add it to the bankruptcy not reaffirm it. it sounds as though it is more a luxury than your budget should endure and if you do not have the expense of replacing it thanks to your father woo-hoo... besides think of how much you would not be paying on the car and its insurance. could you have avoided bankruptcy with out it before will it save you from being that strapped again? gl
2007-06-30 01:32:38 · answer #1 · answered by johndoe915 3 · 0⤊ 0⤋
Yes, at least you need to get rid of the car somehow to get the expense out of the way. Given that you are filing for bankruptcy, I'm not sure of the best way to do that, but in your situation you need to reduce expenses to a minimum.
2007-06-30 08:21:09 · answer #2 · answered by The Scorpion 6 · 0⤊ 0⤋
You left out the important answer.
Does the car run well? Is it in good shape. If so, I suggest you keep the car if you can afford it. Try to avoid bankruptcy, please. That is a really bad road to travel on.
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2007-06-30 12:46:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes.
BTW: You really knew the answer to this before asking. Your inner self knows right from wrong (when it comes to spending). Listen to it in the future... You'll be much better off.
2007-06-30 08:26:37 · answer #4 · answered by Common Sense 7 · 0⤊ 0⤋