Filing a BK Ch.#13 - Primary Banking is NFCU

[sylviag1973]

Again, thanks for all your help and feedback.

I didn't hear back on whether I wouldn't be able to purchase another vehicle if the time came to replace the vehicle I have?

[shipo]

Again, thanks for all your help and feedback.

I didn't hear back on whether I wouldn't be able to purchase another vehicle if the time came to replace the vehicle I have?

When I saw you had a new(ish) car (the 2019 Hyundai) I didn't respond further as your car should easily make 5-more years (and then some). When I filed my Chapter 13 I had a 14 year old car; it made it to the 17 year mark before dying; my current new(er) car is now 15 years old and going strong (probably good for at least another 10 years), so you never know, but a two year old Hyundai should not be an issue.

With the above said, even with crappy credit, and even when heading into a Chapter 13, it is preferable to buy before you file then after. I have heard anecdotally some Trustees keep a list of local dealerships which are very knowledgeable and friendly to those about to file, and make the process pretty easy. As I understand this process, unlike your credit card debt, a car is "secured" debt and will be paid for in full during the term of a Chapter 13. The only exception to this rule is if a debtor enters bankruptcy with a very high interest loan, the car itself gets paid for, but not all of the originally scheduled interest as the APR is "Crammed Down".

[sylviag1973]

shipo

Ohhh okay.. I feel much better now..

I was freaking out there for a minute. Thanks for that input.