Will buying a new car (having a payment each month) help me if I file for chapter 7. I am just above 10k over the means test for CT. My lawyer said a lot of people buy a new car before filing chapter 13 but after reading the posts it looks like chapter 13 is five more years of this misery.
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i dunno....depends on the condition of your current vehicle. your credit will take a hit and it will be hard to get a good interest rate after you file bk; so if your current vehicle won't make it 2-3 more years, i guess getting a new(er) one now is a good idea. nothing extravagant though! trustees hate that stuff (or love it, depending on your perspective).
i wouldn't go out and buy a car just to try to spend some disposable income down; are you sure you've listed all of your current/projected expenses?
think dental, home repair, auto maint/repair, insurance upgrades, etc.Filed 7/28/08, Discharged 10/29/08
(filed pro se: nonconsumer no asset CH7)
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I consulted a straight BK attorney with 30 years experience in my county, and he said I made to much money for a 7. he told me son, you need to buy a car (wink wink) so i did buy a new one 2 weeks ago. He said with my other car being almost paid off the trustee would require a step plan ch 13 payback. well i don't think I did a good enough job presenting my expenses to him, but now when I take the online means test , i pass by a wide margin with no disposable income. anyway, I'm waiting 6 months or more to file. with the election less than a week away, who knows what the politicians will do to help those of us in hot waterStopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7
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Originally posted by albacore44 View PostI consulted a straight BK attorney with 30 years experience in my county, and he said I made to much money for a 7. he told me son, you need to buy a car (wink wink) so i did buy a new one 2 weeks ago. He said with my other car being almost paid off the trustee would require a step plan ch 13 payback. well i don't think I did a good enough job presenting my expenses to him, but now when I take the online means test , i pass by a wide margin with no disposable income. anyway, I'm waiting 6 months or more to file. with the election less than a week away, who knows what the politicians will do to help those of us in hot water
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