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Car Payments Under Third Party Finally Finished During Chapter 13 Questions

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    #1

    Car Payments Under Third Party Finally Finished During Chapter 13 Questions

    I want to start of by saying how wonderful this BK Forum is. Its a great resource for BK information.

    I filed back in 11/2010. Went through the "Meeting of Creditors" in 01/2011 and just finished the "Filing of Plan, Hearing on Confirmation of Plan" court date back in 03/2011. In my "Means Test" and Chapter 13 Filing I had a included a $350.00 car payment. This car payment was listed under as a "Third Party Finance" by my lawyer. I basically bought my sisters spare car and was paying her monthly payments of $350.00. It is now 04/2011 and I have now paid off the car.

    1) With the extra $350.00 a month do I need to tell my lawyer about this?

    2) The car is still under my Sisters name. Do I need to tell my lawyer when I do a Title Name Change?

    3) Can I ask permission to the Trustee for an auto loan to purchase a new car and use this car as a down payment? The current car is 5 years old and has over 120,000 miles. The car is gradually costing more and more to maintain every year. The repairs are costing more than the payments.

    Thanks in advance! This forum is awesome!
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    #2
    This is easy, have your attornney file the Motion to Incur Debt with the Trustee, take your sister to the dealer to sign over the car as the trade and look for a car around $350/month. Problem solved :-)

    No need to transfer title, the dealer will do that with a POA from your sister and the Motion to Incur Debt will handle the other 2 concerns.
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      #3
      If I decide to keep my current car.

      Do I need to tell my lawyer anything because I am no longer doing $350.00 payments?

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        #4
        WOW!! Do you have special powers?? Do you have a time machine? Where I live, 2011 hasn't happened yet!

        Zinger.....

        Just giving you a hard time!!

        Have a great day...

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          #5
          Originally posted by neko1 View Post
          If I decide to keep my current car.

          Do I need to tell my lawyer anything because I am no longer doing $350.00 payments?
          Well - often this is calculated into the plan via a step payment - your payment would have been scheduled to increase once this is paid off. Obviously yours is not.

          You could just ask your attorney. For me, I'd replace the car or just keep the money for maintenance because you're going to need it.
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            #6
            Originally posted by debtinohio View Post
            Well - often this is calculated into the plan via a step payment - your payment would have been scheduled to increase once this is paid off. Obviously yours is not.

            You could just ask your attorney. For me, I'd replace the car or just keep the money for maintenance because you're going to need it.

            Thanks for the info!

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