Posted by Reg on 10/19/05

More | Report Post

This is a very, very sticky situation. I have a 2004 Chevy
Impala that I'm upside down on the lien by around
$8,000.00. My wife and I are having another child. The
2004 Chevy only holds 5 people. My wife and I sit up
front. My daughter and my two sons sit in the back. With
this child that my wife is about to have will make 6 for
our family. My wife is not working and I am the only
person that works for now. Anyway, we needed another
vehicle that will accomadate the soon to be 6 people in our
family. We tried to trade in the Chevy in, but no one was
willing to take the vehicle because of what we owed vs.
what the vehicle is worth the difference is too much and
they would have to tack on the difference to the new
vihicle. So in essence I'd be paying around $700/ month
for a mediocre vehicle. So we still have the chevy as well
as the vehicle that is now going to accomadate the growing
family. I need to get rid of the vehicle because I can't
afford both vehicles by myself and I don't want it repoed
because I know the reprucussions. The old Chapter 13 would
have been excellent for this type of situation. Under the
new Chapter 13 laws it states that instead of using what
the vehicle is actually worth and paying that back you have
to pay back the total amount of the loan even if it's way
more than what the vehicle is worth. Is their anything I
can do under the new Chapter 13 laws that would help my
situation? At this point, I am lost and I don't know what
to do. If and when they take it back should I file a
chapter 7 on the now unsecured amount? Once they sell it
at auction and get a fraction of what I owe I'm still going
to owe the remaining balace. Finally, can they garnish my
wages if it's repoed? Please help!!!

Re: Chapter 13 New provision homework, 10/20/05, by Prairie Dawg.

Business Law Chatboard

LATEST POSTS | BY TOPICS | SUBMIT A POST