Greetings: 2 Questions and Words of Encouragement

[NewStart2010]

Hello! I'm one of the folks that has filed Chapter 13 in the past and am over a year into having it behind me. It sure was a long road to get here but I made it! I was a divorcing mother of 1 and totally freaked out. I thank God that I did it and want all of you to know that you too can do this. It was a saving grace for me and am so relieved it's over. Please do NOT feel you're alone out there for you are not - many of us had to do this due to unforseen circumstances and I wish you all the best in your endeavors in the stages of bankruptcy.

Remember - it DOES and WILL get better!

I am now engaged to a wonderful man and on my way to a new life! I cannot thank God enough for helping me thru the process of banktruptcy.

My 2 questions are quick and would love to hear from anyone with any advice - I am now looking at getting a car - not a new one mind you, but a good used one. I have heard there are places with lower interest rates for folks who have filed bankruptcy and would like to hear from anyone who have used them to seek out loans. I would love to hear from anyone who has either done this or knows of places online to check. I have heard horror stories of people who have went with supposedly lower rated establishments and got really screwed over. I hope to have a good relationship with a lender and to build my credit further.

Second and last - I am wondering about earned income credit on filing federal taxes. I don't see any information yet. My 19 year old daughter is now registered as a full time college student and starts Jan 4, 2010 - can I still use her as a qualifying child to claim? My income is below what they state - and I believe I have to have a qualifying child to claim it - am I thinking right?

Again - I just want to say hello to all out there who are on this board and seeking help - you can do this and it will change for the better for you! If it can for me, it can for you.

Thanks!

[lrprn]

Hello! I'm one of the folks that has filed Chapter 13 in the past and am over a year into having it behind me. It sure was a long road to get here but I made it! ... Remember - it DOES and WILL get better!

Thanks for sharing that your life was greatly improved by filing your Ch 13, NS - so glad to hear your life is going so well now!

I have heard there are places with lower interest rates for folks who have filed bankruptcy and would like to hear from anyone who have used them to seek out loans. I would love to hear from anyone who has either done this or knows of places online to check.

Frankly finding a good lender after bankruptcy isn't that different than finding one before filing. Here are a few links that do a good job explaining how to get the best auto financing available:
http://www.edmunds.com/ - has independent and accurate estimates of what cars you may be considering are actually worth along with a section about how to figure out how much you can afford to take out for a car loan (I love this site!)

http://finance.yahoo.com/how-to-guide/loans/18444

http://usnews.rankingsandreviews.com/cars-trucks/Best-Car-Deals/

I am wondering about earned income credit on filing federal taxes. I don't see any information yet. My 19 year old daughter is now registered as a full time college student and starts Jan 4, 2010 - can I still use her as a qualifying child to claim?

The latest IRS resources about EITC (Earned Income Tax Credit) I can find online was created in 2008. According to the 2008 IRS Publication 596, "A qualifying child can be up to and including age 18 at the end of the tax year, up to and including age 23 if classified as a full-time student for one long semester or equivalent, or any age if classified as 'permanently and totally disabled' (one year or more)."

Here's an online IRS tool to help you figure out if your daughter does indeed qualify for EITC - http://apps.irs.gov/app/eitc2008/For...367!-623568170 - but from what I read, it appears she will qualify. Let us know what you find out after completing the tool.

Hope this helps!

[tigergem]

Congratulations and best wishes NS!

[nerves]

The kicker with EIC is if she is employed. She can only make xxx amount and if it is above that, then you will not be able to claim her for the credit or exemption.

[Flamingo]

I believe she also needs to be claimed as a dependent on the filer's tax return for EIC. If she is not, that needs to be checked into. The EIC and the addition of a dependent if she is not already being claimed will cause an increase in income and will have to be discussed with your attorney if this all pans out.

[hindsight]

Doesn't one need approval of the trustee to get an auto loan?

Our attorney told us to call them when and if we needed to get a new vehicle.

I am sure dealers both big and small are familiar dealing with loans under these circumstances.

Thanks for the encouragement. We signed last week and are filing today or tomorrow.