public transportation (oh no)

[teresab374]

has anyone in st.louis missouri gotten approved for a car loan while in chapter 13. i am in need of transportation.I just started a new job after be fired from my previous one.worked there for 8 years.(still in same field _nursing) will be filling next week.want to be totally honest and not go out and buy a car knowing that ill be filling soon.(the old me would have). i have read several post that stated it was very challenging try to get financed for a car while in chapter 13. and if i can get financed will it be a decent car.will i have to have a large downpayment. thank for any replies

[justbroke]

If you haven't filed yet... get the car NOW! There are no Trustees that complain about a new car. In fact, many attorneys "suggest" (don't directly tell their clients to go do it) that you replace old vehicles because you will be in a Chapter 13 for up to 5 years. That's a long time to have an old car or possibly no car.

There is nothing wrong with getting the new car now (today) and keeping it in plan with your Chapter 13. While possible, it could be a little more difficult once you actually file, takes Trustee approval, and you may need to wait a YEAR after filing. (This varies by District.)

[teresab374]

ok thanks but how long should i wait after getting the car to file the chapter 13.and should i go for brand new car or "new to me car"

[OHBOY]

I would think that a lot has to do with how much you can afford in car payments while keeping in mind the Disposable Monthly Income factor that will be used in chapter 13.

Personally, if I had a DMI that's low to begin with, I would go for used car. Since however I would like as much reliability and, hopefully, the least cost of repairs, I would shoot for a new car.
Of course the new vehicle goes hand in hand if the DMI is larger since I would be perfectly ok bringing the DMI down while keeping in mind that my money (DMI) would be more useful as reliable wheels vs. a larger chunk back to creditors.... just my thoughts.....

[HHM]

http://www.**********.com/blog/2012/...13-bankruptcy/

Yes, you can buy a car prior to BK. You probably should wait at least 30 days so the lender can record the lien and title. But there is no inherent waiting period. As the article I linked points out, so long as there is a good faith basis for getting the car, it really isn't that big of a problem.

Still make a smart purchase. Don't get too much car, and make sure the payment is truly affordable. In general, you should buy used anyway. Buying new NEVER makes financial sense over a comparable used alternative.