Help please so confused??????/

[whirlwind123]

Okay here it goes, I have been talking about having my mom cosign for me for a vehicle., I am trading in my leased vehicle and buying a new vehicle as my lease will be up in a year. My mom is going to cosign so I get a good rate., So I called my attorney to run this by him againn........Now I am thoroughly confused , here is what I said and here is what he said.
I said to him I have an opportunity to trade in my lease vehicle for a new vehicle with my mom cosigning and will have a good interest rate., and I want to pay it still outside of the plan., he said it would still be included in the chapter 13 and it would show on the cosigners credit that the debtor is in bankruptcy it might. He said the cleaner way would be for my mom to buy the car in her name., and it is permissable under the bankruptcy 13 that For me using her car I make the payments.
Now I am so confused., I was ready to go tomorrow the dealer has everything worked out.......
I think my mom buying the car would put her out more because then she must carry the insurance and if there is an accident the car is in her name.

I think and she agrees, since it is just her cosigning that my dads credit report will show nothing that she would rather cosign.

What does he mean include it in the Bankruptcy???? I thought I was paying the car payment and student loans outside of the plan???

I am confused............Help............Please

[rfassett]

Inside or outside of the plan, all debt is still included in the bankruptcy. YOU are filing bankruptcy, not any particular debt or debts. So whatever you have - all assets and all debts - are included in the bankruptcy.

[whirlwind123]

Okay I can understand that that all debts included., but I will continue to pay what I started paying. right?

I am sure in a couple of months the car will not be a asset....but I just couldn't understand the logic of my mom buying a car and me paying her?

[UpsideDownMI]

I would not have your mom buy the car with you making the payments. The trustee could object to this expense on the grounds that you are not legally obligated to pay on it. This would leave your mom holding the bag. In my opinion you are better off having her cosign.

[ccfriend]

I filed a ch 13 without my husband. We have 2 mortgages that are being paid outside the plan and they have both of our names on. We also have a car that has a loan being paid outside the plan with both of our names. I recently checked our credit scores.....mine said that the car and mortgages were in a wage earners plan and his credit was crystal clear....perfect!