To Buy A New Car Or Not 2 Lawyers 2 Answers

[Robb212]

What is the name of your state? What is the name of your state?
Forida:
In Florida the exemption for a car is only $1000.
My wife has a 1997 Honda Civic that is paid off. Its wholesale / auction value in betwen 5 and 6 thousand dollars.

To avoid being 5000 over the exempted amount we thought about trading for a new car. The lawyer didnt seem to have any problem with this idea.

Another attorney asked, how could you explain filing chapter 7 bankruptcy and taking on the payment for a new car just a month by filing. He made me wonder.

Two attorneys 180 degrees apart in their suggestions?

 

[I AM ALWAYS LIABLE]

My response:

Choose the attorney who tells you things you want to hear. Then, when it comes time to explain yourself to the BK Trustee, have your attorney, who told you what you want to hear, do the talking.

It should be pretty good . . .

IAAL

 

[HomeGuru]

What is the name of your state? What is the name of your state?
Forida:
In Florida the exemption for a car is only $1000.
My wife has a 1997 Honda Civic that is paid off. Its wholesale / auction value in betwen 5 and 6 thousand dollars.

To avoid being 5000 over the exempted amount we thought about trading for a new car. The lawyer didnt seem to have any problem with this idea.

Another attorney asked, how could you explain filing chapter 7 bankruptcy and taking on the payment for a new car just a month by filing. He made me wonder.

Two attorneys 180 degrees apart in their suggestions?

**A: thanks for your post.
I really like the response by the other attorney.

 

[a neighbor]

Robb, A girlfriend's attorney told her to do the same thing 4.5 years ago in Wash DC, Altho the exemptions are higher, he told her she wouldn't be getting a car at a good rate for awhile. I never understood the logic either. But her car at the time was breaking down and costing more to fix then the payment on a new car, she went for it and everything turned out fine for her and family.

But I would ask the attorney the question about how it looks on chapter 7. On the other hand if the car is running fine and doesn't need anymore than regular maintanence, I would keep it and save the money. And if you want a new car down the road, walk in with some pocket change (so to speak), the more money I have the less they can get interest rates for me after my BK. And I don't want a new vehicle, tho their nice to look at

I've never kept a vehicle past 60,000 miles, funny when your down-and-out, new and shiny doesn't matter, getting from point A to B does.