Option 1: I convert from a chapter 13 to a chapter 7. I lose my car but am able to add the new debt to the bankruptcy and get rid of it.
Option 1A: Same as above except I pay what I owe to this date on the car, minus what the trustee paid, then resume regular car payments. I don't know what the exact figure would be but I estimate between 1,000 and 2,000 dollars are owed on the car to get the payments up to date. Also, the car payments are only about $100 less than what I pay to the trustee.
Both option 1 and 1A come with a $700 attorney fee plus court fee of $25.
Option 2: Surrender my......as I was writing this I was interrupted by my older cat, Punkin, having a seizure. It is her second one of the day which is unusual for her since she usually has them at night and rarely more than once a week or so, that I know of. She recovers quickly but, while in the middle of the thrashing about, it scares me. I've had her for 15 years, almost as long as I have been in California, and I don't want to lose her. I also feel guilty because all I can think about is "be okay because I can't afford to take you to the vet".
While this incident certainly puts things in perspective, I still don't know what decision to make about my bankruptcy. Basically, in order to save any money, I have to give up my car. With no car, how do I function? I don't exactly live in a city with a good public transportation system and now I am thinking about Punkin having an emergency and me not being able to get her to the vet quickly. I can't afford my current situation but I can't afford to lose my car. I just don't know where to go from here so for now I am just going to hold onto Punkin and be thankful that she is okay.
2 comments:
Once upon a time, I chose Option 1 and then bought a 1988 Ford Escort for $595. I learned to drive stick in the dealer's parking lot (barely a dealer, though - one of those odd little places that has like 10 cars for sale). It had so many holes in it that I got wet every time it rained. But that car lasted 4 years - long enough to get me back on my feet (and ironically, it was still running when I donated it to the leukemia foundation. I got a tax deduction that was larger than what I paid for the car initially).
Thanks for sharing, Shelly. I could probably do something similar. I'm sure my brother could find me a cheap car to drive for a few years. The bigger issue is the $700 I would need for the attorney. I don't have it and my dad paid for the attorney for the Chapter 13 so there is no way he is going to pay again.
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