Family Member buying a Car

[bizrock]

So I am going to file a Ch 7 in a few months and I need a new car my family has offered to buy the car in there name and I make the payment so we get a better interest rate and dont have to put down 2000. Question I have is this going to be a problem when I do the CH 7 Bk? I live in Utah dunno if each state is different. Any help would be great

Thanks

[BobMango]

So I am going to file a Ch 7 in a few months and I need a new car my family has offered to buy the car in there name and I make the payment so we get a better interest rate and dont have to put down 2000. Question I have is this going to be a problem when I do the CH 7 Bk? I live in Utah dunno if each state is different. Any help would be great

Thanks

Well, you need to disclose to the court that you have this arrangement with your family, but as long as they aren't giving you something below fair market values it's likely not a problem. You probably would not be able to use this expense on your Schedule J (post bankruptcy expenses) unless you have some sort of formal agreement. And that agreement would be discharged in the bankruptcy unless you reaffirmed with them.

Your best approach would be to schedule a consult with an attorney and discuss this particular circumstance with them.