Buying new vehicles?

[coolmom04]

I'm reading a lot of threads where people say their attorney told them to get a new(er) vehicle and then filed even the next day! How is that okay? Are you keeping payments around the same as before... are you adding more monthly debt?

My husband has a 10 yr old car that definitely could stand to be replaced as it is falling apart. But, it's paid for. We'd end up with a monthly payment and it seems like that could be looked down on.

My van is four years old and out of warranty. It'd be great to trade it in and get a new(er) van!

I'm still trying to get in with an attorney this week or next week, but can anyone else shed some light on this for me?

(Oh.. won't my husband's credit be crappy now that we will have missed one payment on the cards as of today?).

[bigtim6656]

I doubt it got added that quick. Might do it quick. I would guess it would help your debt to income ratio. Might make it easier to get a new car loan now then after. More so if your credit so good now. I got one with bad credit so you might still get one. If you do do it quick. When stuff starts hitting your credit you will be done for. First thing they asked me are you currently in bk.

[LimpDisc]

We bought a used 2008 Ford Escape and filed 3.5 months later. Our trade in was paid off and we added a $302.32 car payment. Needed that payment to qualify for CH7. You are not looking to defraud anyone by buying a secured asset.

not sure if you happened to read any of my earlier posts. One of our consults was with an attorney that had been a trustee for 15 years. He said in wouldn't be a problem.

[coolmom04]

We bought a used 2008 Ford Escape and filed 3.5 months later. Our trade in was paid off and we added a $302.32 car payment. Needed that payment to qualify for CH7. You are not looking to defraud anyone by buying a secured asset.

not sure if you happened to read any of my earlier posts. One of our consults was with an attorney that had been a trustee for 15 years. He said in wouldn't be a problem.

If my husband is filing alone though, can he claim two car payments? That is part of what I cannot understand/find.

[LimpDisc]

If my husband is filing alone though, can he claim two car payments? That is part of what I cannot understand/find.

Can't help you with that question.

I bet January 12th can't come soon enough for you.

[coolmom04]

Can't help you with that question.

I bet January 12th can't come soon enough for you.

Don't you know it! I am REALLY hoping the attorney I spoke with today will get us in by Friday.

I was just playing with the means test - changing things from the way we file - separate or together - with one or two vehicles.. and all in all because our first vehicle payment is $427, which is apparently $62 under the "allowable" expense, adding another vehicle payment only adds the extra $62 to the monthly total deductions. But... that's still $62 difference!

I can't do any better on a van payment... but hubby sure is excited at the idea of going car shopping this weekend!

[LimpDisc]

I don't understand your examples. If you file together you will get 2 deductions on the means test for $489 each if you buy another car. That's how you're figuring it, correct?

I would think that's the same for a single filer. If your husband is the sole income earner I would still think you get both deductions. But that's just a guess by me.

[coolmom04]

I don't understand your examples. If you file together you will get 2 deductions on the means test for $489 each if you buy another car. That's how you're figuring it, correct?

I would think that's the same for a single filer. If your husband is the sole income earner I would still think you get both deductions. But that's just a guess by me.

maybe I did something wrong, but there was no diff other than the $62 when I pretended to have a 2nd car payment at $300 in addition to our first payment of $427. Thatwas whether I said we were filing together or him filing alone.