Las Cruces, NM asked in Bankruptcy for New Mexico

Q: I bought a Porsche in November but haven't had a job in over 6 months. I have had to sell personal items to pay for it.

I have defaulted on loans and credit cards, and am behind in payments on my Porsche.

I want to keep my car.... and I want to stay where I live.

I am 59 days past due and they are about to commence the repossession process, so I need to know what I can do to protect myself from losing my car.

$3,000 - I just got a new job and only have enough to MOVE or pay 1 payment on my car and 1 payment toward rent.

And... I'm getting evicted. My landlord just filed 7/20.

What would you recommend - Chapter 7 or 13 to save my car and my house?

1. Is there a way to keep my car?

I owe more than it is worth by probably $15k. No question.

2. Is there a way to stop the eviction proceedings?

Court date is 8/2. I either have to spend the $3,000 on the move, or deposit it with the trustee after I file. I just have to have a place to live, so would filing Chapter 7 or Chapter 13 save my car AND my rental house?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Depends on the value of the Porsche. If you owe more than it’s worth, you can probably keep it, but you should contact an experienced bankruptcy attorney before you do anything..

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