My wife and I are preparing to file Bankruptcy Chapter 7
in Florida due to the fact that I am perminantely Disabled and have no chance of recovering enough to ever work again. I have been fighting with my disabiklity for over a decade and have worked - stopped- worked - stopped and at one time I was quite successful and made over $400,000 own rental property, etc now everything is all gone. We havent bought anything of value dont have anything of value - which i swhat this question is all about.
The Last new things we bought were in 2006 when we bough our house and our 6 yr old was a infant, now we just had another daughter on 03/24/2012 I can make it with the garnishment
they have on my wife, I have been robbing peter to pay paul for months since it happened. I lost my ability to do any kind of work - or to even try in 2007 when I was struck at a red light by a 18 yr old doing 60. I had a private disability
policy in place, and collect SSDI totalling about $7000 per month, our mortgage is $4000 a month and we are currently in the arrears on our 2nd for aqbout 18 months ($20,000) and are trying to work something out with the bank. We havent been late on a 1st mortgage payment ($3000) in quite a while, have teemendous medical expenses, etc. Because of my disabil8ity which was approved by SSDI in 2005 I had tried many time to go back to work, but the accident in 2007 has called for another surgery and I have remained hopeful until recently of returning back to work - there is a big difference between $400,000 and $70,000 as you can imagine, my private disability isnt taxable. We had our 2nd house foreclosed on in 2009, will wind up filing probably over $300,000 in assorted debts, etc. We have 2 car the 1st is a 2003 cadillac that we are paying 29% on and have a $2000 balance this car has about 148,300 miles on it. Our second car is a 2006 GMC YUKON DENALI XL which I purchased new in 2006, it had 104,206 last time I looked as the odometer is broken as well as it needing some body work (approx $2300) and now has tranmission trouble.
NADA, KELLYS BLUE BOOK, all the guides take the value - wholesale or retail and deduct 40% - 60% on the the value of $14,000 which is 'rough' trade in for the odometer not working, never mind the body work and the transmission that just started to slip. The truck is what it is, and I read that you have a $1000 per vehicle equity
protection per car - obviously on the 2006 GMC Yukon Denali Xl I am over that even if you cut the value in half, as we owe just over $3400 on it and are coming to the end of the loan. If I deduct the transmission and the body as a dealer told me they would have to do if I traded it for a another 29% loan I would get about $3-$4,00 more then the payoff after the work is complete, I was verbally quoted $2300 bfor the body work, and another $4000 for the tranmission.
Obviously the cadillac is unreliable and the GMC was the reliable car unti recently - is there anyway to save this truck or is it going to bhe taken ? When the filing starts, the payments are $674 per month and the balance will be gone within several months - is there anything I can do here?
If you added up everything we own you would be hard press to come up with $8000 in personal property, as I mentioned e havent purchased anything new since 2006, not furniture or electronics, nothing. Our mney goes to surviving and paying the daycare and now the additional cost of daycar to take care of of our newborn as I cannot when my wife return back to work in June, and that is $400 per week for both children (the 6 yr is in kindergarden so she goes to day care after kindergarden) I know Bankruptcy is Banlruptcy, the only thing of value I have is a $57,000 note from a 2nd mortgage I took back on a property I sold in 2004/2005 at a 9% rate that was never paid, it is 'uncollectable' as I have tried VERY hard to collect this note, and I am sure that I will be required to turn that over to the trustee
as well - which I understand and have no problems doing so, my main question is the truck, its the only realiable sourceof transportation we have - I know they dont care about that and that I ned to get to medical appointments, my wife needs to get to work, etc. Is there anything ANYTHING that I cna do to protect this 'asset' (if you want to call it that) .