More details to this question:
Have 35k of unsecured credit card debt and car loan that I am upside down in for 465.00 per mo. Debt left over from divorce and realized I got screwed financially. I want to file Chapter 7 BK. I need a truck for my new job and can't trade in my car since Im upside down on it. Can I purchase a used truck if I get approved on credit and choose to keep the truck which will have a lower monthly payment then the car and just have them repossess my car in the BK. Basically, can I buy the truck this weekend and BK on all the credit card debt and the car but keep the truck. That will allow me to wipe all the debt from my divorce. I have tried for 3 years to pay down the debt and now I am in a lower paying job.
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Yes, you can get a used truck and file bankruptcy on all your unsecured debt and your car. The best case is if you get a loan for your truck, simply do not discharge it in your bankruptcy and it will keep reporting to the credit bureaus. This way you can help rebuild your credit and get rid of your unsecured debt and the car that is under water.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.
Joseph F. Botelho, Esq.BOTELHO LAW GROUPAttorneys At Lawhttp://fallriverbankruptcyattorney.com/901 Eastern Ave. Unit 2Fall River, MA 02723 Office: 888-269-0688FAX: 877-475-8147
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Answered on Jul 07th, 2014 at 9:30 AM