Authorization to Incur Debt- How long after Ch 13 341 Meeting?

[jasonfsu002]

Thank you for the info we have received in this forum.

My wife and I just had our Ch 13 341 meeting; against our attorney's advice, decided not to replace our old vehicle prior to filing in June.

We are now in desperate need of a replacement car, and are trying to find out how long after the 341 meeting we have to wait before we can request the trustee to incur debt so we can look for another car...don't think we have much longer before ours quits on us all together. Thanks!

[forgotten]

I believe your case would need to be confirmed first, but your attorney would best be able to answer that for your area.

Your attorneys advice to replace your car before you filed was very good.

You would have had more financing options and could have reduced the interest rate to the till rate when you filed (5-6%). Now the court calls the shots as to how much your car can cost and what the payment can be (keep in mind you will be paying a VERY high interest rate at this point which will mean very little car for the payment you are allowed).

[jasonfsu002]

We were worried about keeping our expenses to a minimum, and hoped that our car would last longer than it has.

Does anybody know the range of allotment the trustees allow, or is it on an individual basis? Do they go by dollar amount, or payment amount, and how do they figure both?

I know the interest is going to be high, if we can find somewhere to finance us; after reading these posts, we are prepared to have 18% + interest rate, but didnt know when we could send in the request to the trustee. We're on borrowed time, and just wanted some direction...

Anybody else have any thoughts?