Re: Chapter 13 New provision

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The Bankruptcy Courts and the Dealerships know that cars
devaluate tremendously and it will always be that the
ammount you owe will be greater than the value of a car,
think about it, if you drive a brand new car off the
Dealership it will depreciate tremendously right there and
then

I am not judging you but...

Did you thought about how you were not going to be able to
make any more payments and to fit all your family in one car
before your wife became pregnant?

It's hard to believe that if you cannot afford to make
payments on your car how can you afford to have so many
children? and don't take me wrong, because children are a
blessing from God, but at the same time they are the only
ones that suffer your financial troubles, I hope in the near
future you become more responsible, because your little ones
will be the only ones that will suffer

Derek

On 10/19/05, Reg wrote:
> 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!!!