Buying a car with cash during a chapter 13
I posted a kind of similar question earlier, but here goes. Can a person buy a car with cash that has been saved after monthly expenses are paid and not have to let the trustee know?
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Yeah, why not? You are not allowed to take out more debt but if its money that you saved by eating ramen soup every day you should be able to do so. Besides this was not an "asset" when you filed so you should not have to report it now. -
Agreed. You do not have to notify the trustee of any cash purchases that you make. You only have to ask permission to incur debt or sell assets over a certain dollar amount.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....Comment
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Thanks this is helpful, I had read that they could find out and make you explain how you came up with the money.Comment
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