Well we were discharged from a Chp 7 BK in April of this year and have the opportunity to take over payments for my dad's boat it is a 24 foot Bayliner and he owes about 18K, is there anyway possible we could get financing? We have kept both cars and have had them for almost a year now, we surrendered our home in the BK and still waiting for everything to be finalized so it still shows 120 days late on MTG. everything else says IIB except First USA but we all know how that one is, on our credit report. I was also an AU on my hubbys Chase and his says IIB but mine says 90 days late, should I just dispute that off? What do you think we should do? Any help would be great!
sorry one more question, my cap 1 and USAA Gold card say IIB in comments but then on the CR it has the red circle saying CO how is that reading to my fico score? Thanks
Considering your fresh out of BK I honestly would not even bother unless you want an arse raping. However, you may be able to enter into some sort of lease to own agreement with the owner of the boat wherein you just start to make payments.
dixi could we just get somthing drawn up at the court office and have it notarized? I mean it is my dad we may be able to get him to do something like that. I would just rather not. Maybe I am just dreaming!!!
This is too funny - don't you think you should worry about other financial responsibilities before financing a toy???? all I can say is GOOD LUCK Sal
You gave up your house in a bk 7 and now you want your dad's boat???? I grew up in FL and on top of paying for a boat you have to maintain a boat, pay for a slip, have it winterized, buy lots of gas for it...yada,yada. Are you going to live on a 27' Bayliner? If your own dad won't take back the paper on a personal loan to you and your husband then imagine what a lender...even the scummiest lender would charge you in interest rates alone. I don't mean to judge but maybe you and your husband should prioritize and figure out the difference between "need" and "want" so that you don't land in bk again. clc
i don't know enough about bk to know this, but what if the trustee found out? would that affect a bankruptcy?
I know...I couldn't believe this. Kept two new cars...gave up a home... Thinking of buying a boat? Have you learned nothing from your experience? <shakes head> aiki
Sorry to be so "wishful thinking", but we live in government housing and don't have a mtg or rent nor utilities any longer, it was a huge mistake coming from overseas and purchasing a home really over the internet, we flew in and closed on it the next day, we have totally learned from our mistakes. We can afford the boat because we paid off the 3 loans that were not IIB with our taxes and we have the same amount of money now even more open which we have started our savings, so I know we have thoroughly looked into this, including maintenance, we are storing it for the winter not sure if we would have to winterize in TX, so I was just curious, and for those who would like to answer my original question would be appreciated, Thanks
So why dont you take the money you will be putting toward a boat and all the maintenance, and put it towards paying your OWN rent and utilities, instead of using our tax dollars to live off of. Im beginning to suspect you moved here, from whereever you came from , so you could not work. And just live off others. PAY YOUR OWN DAMN RENT IM SICK OF SUPPORTING YOU WITH MY TAXES!!!!!!! there i said it. i dare someone to tell me im wrong.
Your government housing is military housing? If you are military the best thing for you to do if you haven't already is open an account with the credit union. They will be your best option for credit in the future...so take care of them don't ever get behind Also, if you are military, remember you will have the expense of storing the boat when you PCS. Oh, btw...military families have to live off of taxpayers money too...and gee, it sure doesn't seem like it's not a job...
She doesn't say she's in military housing, but I saw the situation in a different light than you did is all...because we are military. So I asked
Re: Re: BK 7 disch. can we finance a boat? Teresa I too was one of the ones that responded with surprise at your question. I guess the overall lesson from everyone's comments is that for someone that came out of bankruptcy, there should be a million things that you SHOULD be doing with ANY extra money. Just because you are no longer in dire financial straits doesn't mean you should turn your eyes to "fun" things. You're probably already doing a bunch of these, but: You should get yourself on a sound budget. Make SURE to include some "fun" things in this. Without it, you'll never stick to it. Plan for the future. Start setting aside money NOW for things like your next house downpayment, kids college, etc. Open that Etrade account and start buying some mutual fund shares. In other words, you've recovered from the DIRE need....now maneuver so that you have safety for the future. Just a LITTLE step in this direction and you'll be very surprised at how happy you both are and how well you sleep at night. Just think: Bills paid? Check! Money saved? Check! Money set aside for home downpayment? Check! Little money invested this month? Check! Little money set into Jr.'s college fund? Check! Now imagine six months or a year down the road....you've got money building in each of these areas. You're saving for your new home... I think this is the point people were trying to make to you. aiki
Re: Re: BK 7 disch. can we finance a boat? sahlegian, well well, I guess I have nothing to say, but you absented minded, tax paying (just like me) piece of crap to talk about someone from the armed forces like we are nothing! Maybe you need to grow up a little, thank you peekaboo we are in the military and work very hard to get the base housing we are rightful too. Yes we are thinking about our futures, and what we could do that is one of the main reasons why I am attending college, DH works very hard at his job, to be stationed where there is not much to do having a boat would be most enjoyable for the family and relaxation that we need every once in awhile. We have started our savings and have paid off the bills we did keep. I am sorry there are people out there like you sahlegian. For people who come to this forum for advice and get responses like what I got. I am a person just like you and was just lookoing for some advice. Thought that wasn't asking too much at a discussions forum. I appreciate everyones opinion and take them into consideration, but yours well I just don't have any words for it.
Re: Re: BK 7 disch. can we finance a boat? Sahlegian probably assumed you were on welfare and not in the military. Based on that person's response and your own, you probably both need to chill out a little. When you come on a board like this where most of us are struggling with credit issues and you ask about buying a boat after bankruptcy, I'm sure you expected to get a lot of flack. I don't think I would have the "balls" to ask that on here, more power to you.
Re: Re: Re: BK 7 disch. can we finance a boat? you never said you were in the military in your first post. i do have to agree with his earlier post though - buying a boat is a very bad decision just coming out of BK, whatever the reason behind it. you talk about getting it for fun - go to the park, museum, heck you can rent a boat for the day. we sold ours after two years because we weren't using it. you can find boats for a couple thousand if you must have one, but i suspect if your father had offered it before you filed for bk you wouldn't have wanted to buy it but because the bk freed up cash, you want it now. you need to decide between needs and wants. you may not like the response you get, but don't you want people to be honest with you? i would prefer people give me honest feedback rather than just agreeing with me.
Re: Re: Re: BK 7 disch. can we finance a boat? I have recently been through a Chapter 7 also, and I think it would be crazy for you to take on a $18000 boat right now. I would use any extra funds to build cash reserves, and help ensure you never need to repeat the process.
Re: Re: Re: BK 7 disch. can we finance a boat? Military or not, buying a boat is just plain poor judgement .. You still tied up taxpayers dollars in court, and with the judges time. So go ahead and take another cheap shot at me. This is the type of response i would get from a person who's back is against the wall, they resort to name calling.
