Making purchase after bk

[drowningNdebt]

I was thinking about buying a motorcycle after I'm discharged. Is there anything I should need to worry about. It would be a preowned motorcycle, cash deal abiut $6500.

[debtmonster]

Yes, I'd also like to know the ramifications on this. Somebody please reply!

[jessegirl]

No, why would there be a problem, you are discharged and free to do what you want.

[debtmonster]

Because now you have an asset that they could take. I've read some people on here getting ragged on within 6 months of discharge. It's like you need to stay poor or something for 6 months afterward just to stay under the radar. Totally ridiculous.

[EricaCallaha]

Your bankruptcy is discharged. What can they do?! Did you lie about something in your paperwork? I wouldn't worry about it too much.

Live your life....your bankruptcy is over.

[debtmonster]

I hope that's the case. I was hoping to buy a nice car for cash after the bankruptcy.

[jeb]

I hope that's the case. I was hoping to buy a nice car for cash after the bankruptcy.

Not trying to be nasty here, but if one has a bunch of cash to go out and buy something, why and how did they get through a BK?

Unless they now have a job that pays a lot more than before, if one didn't have enough money coming in to pay bills, where did all this "new" cash come from? - jb

[Intoodeep80]

Not trying to be nasty here, but if one has a bunch of cash to go out and buy something, why and how did they get through a BK?

Unless they now have a job that pays a lot more than before, if one didn't have enough money coming in to pay bills, where did all this "new" cash come from? - jb

For starters, when the burden of debt (credit cards, mortgage notes, loans, etc...) is off your shoulders AFTER you file BK, you are able to accumulate a savings.

I know this because I have. I stopped paying my mortgage, auto, and boat loan in July 2008. I was able to save the money and use it for a security deposit + 1st month rent on a house, because I surrendered my home.

I also used the money I saved to take over a lease on a car. Mine was being surrendered and was unreliable.

I was able to go to the Dr's for the first time and pay my balance up front, that way I can keep going back and get the care I need for my bad heart and COPD (Im 29 years old)

Now that Ive had my 341 and am "settled", I have opened a savings account (ok per my lawyer) and have a sizeable accumulation. I plan on buying a boat (since I surrendered mine) in the future. This time I can pay cash instead of having a payment because I never, ever, ever want to be in this position again

[WorkingItOut]

For starters, when the burden of debt (credit cards, mortgage notes, loans, etc...) is off your shoulders AFTER you file BK, you are able to accumulate a savings.

Exactly.

Once I stopped paying all of my debts, I had money left over each month and was able to start saving. I'm not even discharged yet and I've managed to accumulate some (small) savings.

[DebtStinks]

In CA with no equity in your home you *could* exempt up to $21,825 in cash with your wildcard if you have no other assets to protect.

[debtmonster]

Not trying to be nasty here, but if one has a bunch of cash to go out and buy something, why and how did they get through a BK?

Just like the people said above. Once I give back my two cars, that's going to save me $1050/mo. right there. By not paying my mortgage, property taxes and insurance, that's going to save me another $1100/mo. By not paying all of our credit cards, there's another $1000+ /mo. saved.

The day I file is the very day the SAVINGS BEGIN.

If I can stay in my house for 16 months, that's 16 x $1100/mo. I can be stock-piling away to pay CASH MONEY for a late model car.

16 months would enable me to put away $17,000. For $17,000, look at the nice cars I could afford to buy!!!!

Click the link and look!! SWEEEEEEET RIDES!

Look at all of those low mileage beauties that I could pay CASH FOR by staying in my house RENT-FREE after the foreclosure.

If I were to not go with this particular vehicles, there's PLENTY of good alternatives.

All 2007 and up under $17,000 with under 15,000 miles. TONS of cars to pick from in my area.

Bankruptcy ROCKS!

[jeb]

For starters, when the burden of debt (credit cards, mortgage notes, loans, etc...) is off your shoulders AFTER you file BK, you are able to accumulate a savings.

Well, OK - but the reason you filed BK was because you didn't HAVE that money to start with - - or am I missing something.

You filled out a form that showed that your expenses you pay was about equal to your income, not including all those payments you mentioned - so after the BK you have all this extra money?

'Course, I live in FL and we don't have anything like CA to work with at the start. Here, a 'new start' is like just being born - with nothing, or close to it. - jb

[drowningNdebt]

Well, I'm looking at going back to my old work as a loan officer. One or two loan closings can net $10,000. There for my income changes. It would be like 3 months after discharge though.

[debtmonster]

Well, OK - but the reason you filed BK was because you didn't HAVE that money to start with - - or am I missing something.

If I didn't have all the debt, I'D HAVE THE MONEY! My entire paycheck has been going out to debt. That's why I am broke. Problem is the debt now exceeds what I make. With $6k in bills and $3k gross, something isn't working here.

Once I have to move out of the foreclosure and start paying rent some place, then I won't be able to stock pile the money. The main way I will be able to save is by living rent-free for a while like many people have done.

I just want to get a SWEET car with NO PAYMENTS so that way I'll have no more repo's to worry about. I know I could get some crappy $5,000 car that's reliable, but then I won't be happy and will always want more. That's why I want to save up $20k some how and pay cash for another nice BMW. Of course I will have to buy a used one and not some $40-50k new one like before.

I found a beautiful M5 for $21k. These cars normally sell for $70k and up brand new.

Once I get a nice car like that with NO PAYMENTS, I plan to keep that sucker for a good 20 years, as long as I can keep it in a garage and not have the Florida sun destroy it. My friend's mom kept her BMW 5-series for almost 19 years. She bought it brand new. I told her she was crazy to get rid of it.

[UpsideDown]

Well, OK - but the reason you filed BK was because you didn't HAVE that money to start with - - or am I missing something.

You filled out a form that showed that your expenses you pay was about equal to your income, not including all those payments you mentioned - so after the BK you have all this extra money?

'Course, I live in FL and we don't have anything like CA to work with at the start. Here, a 'new start' is like just being born - with nothing, or close to it. - jb

.....Of course you can have a multi-million dollar mansion and that's OK; just can't have anything else. I have 2 cars paid for, each 10 yrs old, with over 130K miles and I'll have to pay the trustee to keep them! FL's exemptions SUCK!!!