Do I really have to wait 60 days after filing to buy a car or until actual discharge?

[Strapped4Csh]

I am looking to finance only 50% of the car's value. It's a $13,000 dollar car and I want to put $6,000 to $8,000 down and finance the rest just for a few months. The redemption people won't finance until discharge. This car will be gone. It took me 3 months of searching to find this particular car the way I want with the options I want. All of the other people are selling the stripped, base model with no options for the same or much higher. This car new with all options was almost $19,000-20,000 paid by the original owner. The car has less than 10,000 miles on it.

I guess I too am confused....What's wrong with the low mileage cars in the $5000 price range you've been finding on autotrader? It was (in my opinion) a great idea that my wife and I are most likely going to take.

Not to be rude, but maybe you should step back and stop thinking about what you WANT and start thinking about what you NEED

[kenshirley]

I am looking to finance only 50% of the car's value. It's a $13,000 dollar car and I want to put $6,000 to $8,000 down and finance the rest just for a few months. The redemption people won't finance until discharge. This car will be gone. It took me 3 months of searching to find this particular car the way I want with the options I want. All of the other people are selling the stripped, base model with no options for the same or much higher. This car new with all options was almost $19,000-20,000 paid by the original owner. The car has less than 10,000 miles on it.

Just a tip here, if you have that kind of money to put down that's an asset the court will want to know about and that you have to maintain. If you spend it you are in for problems I am thinking.

[debtmonster]

Just a tip here, if you have that kind of money to put down that's an asset the court will want to know about and that you have to maintain. If you spend it you are in for problems I am thinking.

I don't have the asset now, it will be in the future.

A $13,000 dollar car is MORE than reasonable. I am wanting to do this now before my expenses go to the moon. We only have a short time that we can do this before our living expenses double or triple, so I am trying to take advantage of this time now.

There are plenty of $5,000 dollars cars out there for those who that's all they want to spend. All of the cars I normally have been wanting have topped $20,000 dollars. The car I have now was $43,000. I think have have taken a huge step back from my "wants" by getting a measly $13,000 dollar car.

[Amy26]

Yes, you're supposed to use that money on necessesities... not financing a car. And as everyone else said 1. you cannot legally take on more debt before you're discharged and 2. you mentioned you want to do this NOW because you found the perfect car etc... that's not in the future... so I guess I'm confused too.

[debtmonster]

Yes, you're supposed to use that money on necessesities... not financing a car. And as everyone else said 1. you cannot legally take on more debt before you're discharged and 2. you mentioned you want to do this NOW because you found the perfect car etc... that's not in the future... so I guess I'm confused too.

Where does it state that you have to wait until discharge?

When I asked my attorney if I could buy a car right now he said I could as long as it doesn't have too much equity.

A car is a necessity. We constantly drive far all the time. Just visiting my father is a 90 day drive. There's no way you could take mass transit to see him. It would take 5 or 6 hours at least if you tried (just going 1-WAY!)

This is not New York city where you can easily get to any place without a car. Lots of people find that when you live in South Florida, it's nearly impossible to get around without a car.

I would love to rent a car for $200/mo. but no such services exist for that price. I can't see spending $1200/mo. to rent a car. No family members will loan me any vehicles while we get back on our feet as they use them. Even places like Rent-A-Wreck are super expensive!!

I am hoping to get a bonus in a few months and that would be used for the down payment. I don't have the money in my hands now, so there would be no lies in court when under oath. The money may or may not be there in the future. I am just hoping it will be.

[bkmaggster]

I am hoping to get a bonus in a few months and that would be used for the down payment. I don't have the money in my hands now, so there would be no lies in court when under oath. The money may or may not be there in the future. I am just hoping it will be.

But you said you wanted to buy the car now, not in a few months. If you are just "hoping" you will have the money, no one is going to give you a loan based on that. No one is going to say, "here, take the car now and pay the down payment in a few months if you have it." Remember, you "throttled" down your income, so any loan you get is going to be based on the lower income you created for your bankruptcy planning.

I think you have got to change your mind set. You need to buy a car with cash. There is a reason why you have had 4 or 5 repos already, think about it...

[shabam]

Debmonter, if you are able to save up that sort of cash in such a short period of time, I would think the trustee or UST will catch on to this. Remember, even after a case is closed, they can reopen it within the year. Nothing is a done deal in BK.

You're discharging a lot of debt as it is. Personally, I wouldn't be pushing my luck. UST has a lot of legal power on their side, they're not a creditor. If anyone has $1k left over after filing ch 7, that is quite a bit of cash left over.

[RainMoM]

I do have to agree with debt on something, Here in Fla. you need a car to get anywhere, there is hardly any bus service around, and don't even think about a taxi, You'll pay way to much, Debt.. I guess best thing for you is to talk to your attorney again and make sure he understand's what you want to do and go from there ! Good luck

[LuciluS]

Remember, I filed on July 31st. I will earn $12,000 in 3 months after that.

Sooo, the question is on the day of your 341, 8/28/09, you will be under oath and asked if Anything in Your Bankruptcy Petition has changed. Surely, some of the supposedly $12,000, will be received before your 341.

You state you want to buy this car NOW, but yet your explanation of the down payment of $6,000 makes no sense, unless you've stashed money that you did not report or as stated above, will be received before your 341.

Hmmm

[LuciluS]

I do have to agree with debt on something, Here in Fla. you need a car to get anywhere, there is hardly any bus service around, and don't even think about a taxi, You'll pay way to much, Debt.. I guess best thing for you is to talk to your attorney again and make sure he understand's what you want to do and go from there ! Good luck

I fully understand about needing a car to get around in as we live in a small town of 2,400 with no public transportation. I just don't understand where debtmonster is getting the $6,000 to pay down on a car when he just filed for BK and/or will receive the monies before his 8/28/08 341 hearing??

[Flamingo]

I am looking to finance only 50% of the car's value. It's a $13,000 dollar car and I want to put $6,000 to $8,000 down and finance the rest just for a few months. The redemption people won't finance until discharge. This car will be gone. It took me 3 months of searching to find this particular car the way I want with the options I want. All of the other people are selling the stripped, base model with no options for the same or much higher. This car new with all options was almost $19,000-20,000 paid by the original owner. The car has less than 10,000 miles on it.

Debtmonster - you just filed. You should not be focusing on letting a car get away that you see now and absolutely have to have when you are in debt up to your ears and have to get your life back in order. I think you have your priorities mixed up a bit here and if you keep on this track, you are going to find yourself back in the same situation you are now in a few years. Cars do not leave the planet and will be around for along time...and they all provide the same purpose no matter what - they get you to and from where you have to go. I've seen you posting for many months so worried about what you can't get or have right now...for goodness sake you are insolvent (broke). Clean up the mess you are in now and get back on track and stay on the track and try to keep things in perspective so you can eventually afford and get the things you want. You can't afford it right now. You have had numerous repos, been hiding from debt forever, and just can't seem to handle your finances and impulses correctly. Many of us see it and try to bring it to your attention. I feel you are just asking for trouble at the moment and should be patient and get your life in order before jumping ship too soon.

[JRScott]

Where does it state that you have to wait until discharge?

When I asked my attorney if I could buy a car right now he said I could as long as it doesn't have too much equity.

A car is a necessity. We constantly drive far all the time. Just visiting my father is a 90 day drive. There's no way you could take mass transit to see him. It would take 5 or 6 hours at least if you tried (just going 1-WAY!)

This is not New York city where you can easily get to any place without a car. Lots of people find that when you live in South Florida, it's nearly impossible to get around without a car.

I would love to rent a car for $200/mo. but no such services exist for that price. I can't see spending $1200/mo. to rent a car. No family members will loan me any vehicles while we get back on our feet as they use them. Even places like Rent-A-Wreck are super expensive!!

I am hoping to get a bonus in a few months and that would be used for the down payment. I don't have the money in my hands now, so there would be no lies in court when under oath. The money may or may not be there in the future. I am just hoping it will be.

Not trying to be mean but you really should not take on any debt prior to the 341. You might could get it to slide through between that and discharge however you are also a high debt filer which unfortunately means the UST is going to be involved. Either the trustee or the UST can dismiss cases on what they consider totality of circumstances. I would not prior to the UST and Trustee's reports on your case take on anymore debt, your just asking for trouble.

[LuciluS]

Not trying to be mean but you really should not take on any debt prior to the 341. You might could get it to slide through between that and discharge however you are also a high debt filer which unfortunately means the UST is going to be involved. Either the trustee or the UST can dismiss cases on what they consider totality of circumstances. I would not prior to the UST and Trustee's reports on your case take on anymore debt, your just asking for trouble.

The Best Advice Is Given Above!

Debtmonster...I hope you read JRScott's post carefully because he is right. Some of us forgot how high of debts you are attempting to dismiss.

Luci

[shabam]

As much as I wish debtmoster well, it is clear that he is trying to push the system. Basically playing with fire. This is bankruptcy, not some sort of game. Yes, under certain circumstances, you can go to jail for misconduct during BK.

No such thing as "oh oopps didn't know" or "my lawyer told me so". Doesn't work that way under BK. My lawyer is a trustee too and made this clear from the get go. I am not even a trustee yet when I see 70 creditors that rings alarm bells.

[debtmonster]

I am just trying to get a CHEAP car. There should be no red flags raised ANYWHERE! I am just one poor soul out of a million+ people per year who file bankruptcy.

You guys are adding way too much drama to such a small thing. I am small potatoes compared to the rest of the people out there filing bankruptcy.

What would cause the UST to want to re-open the case? How would they know anyway? What system is in place? My lawyer told me that you could win the lotto after getting discharge and not have to worry.