What is the name of your state?What is the name of your state? Utah
I have a question regarding a Chapter 7 I plan on filing in the next month. I am forced into a Bankruptcy due to restructuring at my work. They closed us down and transferred us into other departments. While I am thankful I remained employed it involved a $20000 pay cut and I am getting to the point where I am juggling the money every month to pay the bills.
I have 2 vehicles financed, both with negative equity. I owe $16000 on one and $10000 on the other. I will surrender at least one of the cars during the bankruptcy. Here is my question, will I get myself into trouble with the courts or creditors if I go out before I file a chapter 7 and buy a $5000 car and finance it, then I would surrender both of my current vehicles and have a car pay ment that is over $125 lower than my current car loan. I don't know if this is legal to do or not because I would be filing bankruptcy within a month after buying the vehicle.
The other thing I could do is just keep one of my current vehicles, but I figured since I am filing a Chapter 7, I may as well reduce as much of my debt as possible including car payments. Thanks for your replies in advance.
I have a question regarding a Chapter 7 I plan on filing in the next month. I am forced into a Bankruptcy due to restructuring at my work. They closed us down and transferred us into other departments. While I am thankful I remained employed it involved a $20000 pay cut and I am getting to the point where I am juggling the money every month to pay the bills.
I have 2 vehicles financed, both with negative equity. I owe $16000 on one and $10000 on the other. I will surrender at least one of the cars during the bankruptcy. Here is my question, will I get myself into trouble with the courts or creditors if I go out before I file a chapter 7 and buy a $5000 car and finance it, then I would surrender both of my current vehicles and have a car pay ment that is over $125 lower than my current car loan. I don't know if this is legal to do or not because I would be filing bankruptcy within a month after buying the vehicle.
The other thing I could do is just keep one of my current vehicles, but I figured since I am filing a Chapter 7, I may as well reduce as much of my debt as possible including car payments. Thanks for your replies in advance.