Soon we will have to but our teen on the car insurance plan while in an active Chapter 13. Im sure the payment will skyrocket not sure if have enough wiggle room for the plan to modified to reflect an increase. What happens if there is not enough? What have other people done?
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My parents told me to get a job to pay for my own car insurance & gas. They weren't in bk, just couldn't afford to take on the additional expense.Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go.... -
Move over on the boat.
We are in the same situation as you. My wife and I are struggling big time with our Chapter 13 and our 16 year old will soon have her license. We actually had a $.54 balance in our checkbook prior to our most recent paycheck. Our 341 meeting is Wednesday. God knows what will happen if we are upped. We are 3 payments into our 60 and its going horribly. My wife and daughter need new glasses; I have no idea how that is going to get paid for. My advice to you; hang in there.Comment
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We went through it and survived and you can too. First, go for all the breaks you can get for your teen - good student discount, multi-car discounts, other multi-discounts (i.e., house and car with same insurance company). Yes, your rates will rise and expect your insurance to probably double per year. What most people do is have their teen get a part-time job on weekends, after school or during the summer months to cover the added amount. That is what we did - our daughter paid for her insurance because there was no way we could afford the extra cost per month.
Bills/debt incurred after filing are your own responsibility._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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When I had to add my daughter to my auto insurance policy, she got a part-time job and helped out with the insurance.Originally posted by UNDERMICH View PostFiled: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012
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I believe licensed teens go on the policy? If so, teen only gets their license if they can pay the increase in premium & gas money... Just my opinion.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
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When I added my son last year my insurance went from $84 (full coverage on one vehicle, comp on the 2nd) to $230 each month. And that was with the good student discount. I was able to switch carriers and get it down to $195. Either way, figure at least double just to be safe.
I know it can be hard to 'force' a child to get a job, especially if your daughter has a lot of after school activities that make it hard find one that can work around those things (as was the case with my son). But...if she really wants to have a license, then it will be worth it to her to find something, even if it's babysitting or cleaning the neighbors houses. If she's creative and open minded she'll find a way to make it if she's motivated by knowing it's the only way to get her license
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