Free Phoenix Bankruptcy Lawyer Advice – Bankruptcy and Your Car

Author Information

Christy Thompson has 36 Published Articles

United States of America,
AZ,
Chandler,
1311 W. Chandler Blvd.,
Suite 220

Free Phoenix Bankruptcy Lawyer Advice – Bankruptcy and Your Car

Posted On : Jul-11-2010 | seen (603) times | Article Word Count : 666 |

A good Phoenix bankruptcy lawyer can give valuable advice when it comes to bankruptcy and your vehicle. In this article we will talk about how filing bankruptcy in Arizona can affect you and your household vehicles.

A common question is, if I’m behind on my car payment? Can I keep my car?

It depends. If you’re behind on your car payment, unfortunately, you may not be able to.

If you go to Kellybluebook.com and look it up and find out that it’s worth $7,000 but your loan is actually $17,000, you’ve got to give that some serious thought. Is it a good idea to hold onto something that’s so dramatically underappreciated?

So if you are behind, you have two options. First assess the value of the vehicle. Is it a good idea that you keep it? And a lot of people get really panicky at this point because they think, “If I’m not driving that car, what car am I driving?” Good question.

You need to re-allocate those other debts that you’re paying on to come up with the funds to either become current on that car or purchase another one.

Let’s say, for example, the car payment is $500 and your monthly expenses on your credit card bill are $1,400. The bankruptcy court looks back 90 days from the date that you filed and says, “What creditors have you been paying and what creditors have you been avoiding?”

For the creditor that you want to keep and maintain a good standing with, you need to stop making those credit card payments. So if you stop making $1,400 worth of payments, you’ve just come up with your $500 car payment.

Here’s another thought … same scenario. Paying $1,400 in credit card bills and $500 on your car payment, you are paying $1,900. If you stop making those payments 90 days before, your car isn’t repossessed until you’ve been late on two payments and then you file your bankruptcy.

That’s $1,900 twice. By bankruptcy, you keep the vehicle while you’re behind until you surrender it to the court, which will take three months. That’s a total of approximately five months where you’ve saved close to $2,000. Truthfully, you should be able to take that cash and purchase a car free and clear, never having to worry about car payments.

That’s the type of financial planning that you should utilize bankruptcy for and you Phoenix bankruptcy lawyer will guide you. It’s not that people don’t have the funds. It’s where they allocate their money. So you can find either a car or the car payment and become current before you file.

As you can see, the answer is yes, you can if you’re behind. It just depends on whether you’re keeping it forever or just keeping it for that period of the bankruptcy while you find another vehicle that doesn’t have such a difference between the loan amount and the value of the vehicle.

There are different ways to handle different situations. One size does not fit all. Everybody’s situation is different, and everyone needs to check into what they currently have, where they are, and what their bills are. Everyone is different. And that’s the reason why you need to hire a good Phoenix bankruptcy lawyer.

Each bankruptcy case is customized because everybody’s issues are completely different. This is why you always want to consult with a competent Phoenix bankruptcy lawyer. They want all of their clients to have the best footing possible.

Whether you are a retiree worried about your Social Security and disability payments because of outstanding credit card bills or you’re a growing family struggling with enormous debt wanting to save for your children’s college education and your retirement, you can benefit from this incredible financial tool.

Everyone is different. An experienced Phoenix bankruptcy lawyer can customize a plan for you.

Re-Publish this Article

<h1>Free Phoenix Bankruptcy Lawyer Advice – Bankruptcy and Your Car</h1> Author: <a href='http://www.articleseen.com/profile_Christy Thompson.aspx'>Christy Thompson</a> A good Phoenix bankruptcy lawyer can give valuable advice when it comes to bankruptcy and your vehicle. In this article we will talk about how filing bankruptcy in Arizona can affect you and your household vehicles.

A common question is, if I’m behind on my car payment?  Can I keep my car?

It depends. If you’re behind on your car payment, unfortunately, you may not be able to.

If you go to Kellybluebook.com and look it up and find out that it’s worth $7,000 but your loan is actually $17,000, you’ve got to give that some serious thought. Is it a good idea to hold onto something that’s so dramatically underappreciated?

So if you are behind, you have two options. First assess the value of the vehicle. Is it a good idea that you keep it?  And a lot of people get really panicky at this point because they think, “If I’m not driving that car, what car am I driving?” Good question.

You need to re-allocate those other debts that you’re paying on to come up with the funds to either become current on that car or purchase another one.

Let’s say, for example, the car payment is $500 and your monthly expenses on your credit card bill are $1,400. The bankruptcy court looks back 90 days from the date that you filed and says, “What creditors have you been paying and what creditors have you been avoiding?”

For the creditor that you want to keep and maintain a good standing with, you need to stop making those credit card payments. So if you stop making $1,400 worth of payments, you’ve just come up with your $500 car payment.

Here’s another thought … same scenario. Paying $1,400 in credit card bills and $500 on your car payment, you are paying $1,900. If you stop making those payments 90 days before, your car isn’t repossessed until you’ve been late on two payments and then you file your bankruptcy.

That’s $1,900 twice. By bankruptcy, you keep the vehicle while you’re behind until you surrender it to the court, which will take three months. That’s a total of approximately five months where you’ve saved close to $2,000. Truthfully, you should be able to take that cash and purchase a car free and clear, never having to worry about car payments.

That’s the type of financial planning that you should utilize bankruptcy for and you Phoenix bankruptcy lawyer will guide you. It’s not that people don’t have the funds. It’s where they allocate their money. So you can find either a car or the car payment and become current before you file.

As you can see, the answer is yes, you can if you’re behind. It just depends on whether you’re keeping it forever or just keeping it for that period of the bankruptcy while you find another vehicle that doesn’t have such a difference between the loan amount and the value of the vehicle.

There are different ways to handle different situations. One size does not fit all. Everybody’s situation is different, and everyone needs to check into what they currently have, where they are, and what their bills are. Everyone is different. And that’s the reason why you need to hire a good Phoenix bankruptcy lawyer.

Each bankruptcy case is customized because everybody’s issues are completely different. This is why you always want to consult with a competent Phoenix bankruptcy lawyer. They want all of their clients to have the best footing possible.

Whether you are a retiree worried about your Social Security and disability payments because of outstanding credit card bills or you’re a growing family struggling with enormous debt wanting to save for your children’s college education and your retirement, you can benefit from this incredible financial tool.

Everyone is different. An experienced Phoenix bankruptcy lawyer can customize a plan for you.About the Author: And now I would like to invite you to take a free online bankruptcy evaluation. Just visit our site at <a rel="nofollow" href="http://arizonalegaladvocacy.com/">http://arizonalegaladvocacy.com/</a>

With this free evaluation we will be help you decide what option would be best for you.

From Christy Thompson your <a rel="nofollow" href="http://arizonalegaladvocacy.com/"> Phoenix Bankruptcy Lawyer</a>
 Article Source: <a href='http://www.articleseen.com/Article_Free-Phoenix-Bankruptcy-Lawyer-Advice-–-Bankruptcy-and-Your-Car_25096.aspx'> http://www.articleseen.com/Article_Free Phoenix Bankruptcy Lawyer Advice – Bankruptcy and Your Car_25096.aspx</a>

Article Source : http://www.articleseen.com/Article_Free Phoenix Bankruptcy Lawyer Advice – Bankruptcy and Your Car_25096.aspx

Author Resource :
And now I would like to invite you to take a free online bankruptcy evaluation. Just visit our site at http://arizonalegaladvocacy.com/

With this free evaluation we will be help you decide what option would be best for you.

From Christy Thompson your Phoenix Bankruptcy Lawyer

Keywords : Phoenix Bankruptcy Lawyer, Phoenix Bankruptcy, Bankruptcy Lawyer,

Category : Finance : Debt Consolidation

Print this Article Send to Friend