Planning on buying (with cash) 2nd car after filing, but before 341

[dumpinmydebt]

Hello,

My wife and I are pretty much ready to file. But we are planning on buying a 2nd car after we file. Reason being we won't have the money until right after we file (meaning like a week or less.) We have to file before 10/13 to avoid my needing to go to a CMC.

Should my wife just exempt the car in the paperwork, or wait to amend the paperwork after we file?

A friend of mine is letting us buy a used car for $1000. It's worth $2500. We don't have a car to exempt, so we'll be able to.

Just wondering if there will be an issue if we just go ahead and exempt it before officially having the title transferred?

[newbie2]

Instead of exempting a car you won't own, just exempt the cash. (Are you planning on using this car as part of your expenses? If so, then by all means amend your filing afterwards to include it.)

[dumpinmydebt]

Yes, we we're wanting to use the car insurance payment on Schedule J.

[newbie2]

Yes, we we're wanting to use the car insurance payment on Schedule J.

Then you are better off amending before your 341. Since you won't legally own the car until after you've filed, you can't claim the expense, or the exemption.

[tcreegan]

Hello dumpinmydebt,

to avoid my needing to go to a CMC. Got me fooled, what is a 'CMC'?

Another solution to your car problem is to go online or to a local printer and get a generic Car Loan Agreement, Auto Loan Contract, something like that. You and your friend fill in the details, vin # all that, and 'no money down' $1000 due on day X month Y etc. Both sign it, get it notarized if you are feeling fancy about it. Now just exempt it in the BK from the start.

Best I got........probably worth the paper it is printed on....

Tom in Colo

[dumpinmydebt]

Hello dumpinmydebt,

to avoid my needing to go to a CMC. Got me fooled, what is a 'CMC'?

Another solution to your car problem is to go online or to a local printer and get a generic Car Loan Agreement, Auto Loan Contract, something like that. You and your friend fill in the details, vin # all that, and 'no money down' $1000 due on day X month Y etc. Both sign it, get it notarized if you are feeling fancy about it. Now just exempt it in the BK from the start.

Best I got........probably worth the paper it is printed on....

Tom in Colo

That's a good idea. Thanks.

A CMC is a Case Management Conference. I'm being sued. Wrote my dispute. Now I have a CMC scheduled. Won't have the money for the car until like 3 days after this CMC. I just got promoted, and my boss is in the hospital, so there is NO WAY I can take off work to go to this stupid thing.

[tcreegan]

Hey dumpinmydebt,

You can file a request to appear by telephone.

Good luck to you!

Tom in Colo