Buying a car before Ch 13???

[julsmom]

My car is dead....dying a slow horrible death, we have managed to keep it running & fixing it thus far but are in the middle of getting advice on filing Ch 13...my question, if we are able to purchase a newer used vehicle before we file, then just continue the payments, will I be able to keep the vehicle?? I understand I will pay the entire amt, & that is ok....I just don't want to raise any flags, things I have been told is that it is ok & maybe even a smart idea to buy before i screw up my credit.

Thanks.

[BigJohn]

If you are going for a Chapter 13, if you don't get a different car or a new car, what will you be driving in 3 - 5 years from now?

If you have a really good lawyer, you might end up paying less in a bankruptcy then if you made the payments outright.

[DelawareCh13]

Buying a car in ch 13

Hello,

I'm in the same situation. My Wife's car is worn out and worth little. My Atty said He/She can't advise Me to Buy a car.....................However If I was to buy a car, then we would be able to allow this "reasonable and necessary" expense to be paid prior to unsecured creditors.


Delaware13

[DelawareCh13]

Clarifying my previous post: I'm still prior to filing the 13.

[coronaglen]

i turned in my lease and bought a car after I met with my attorney. And they didn't file with the court till june. I bought it in february. I bought a new expedition. Payment is high but it doesn't matter. If the payment was lower, it would just go to the trustee.

You should buy now.

[DelawareCh13]

Buying a car prior to 13

All,

I was able to buy a brand new cheap car (KIA). The payments are wickedly High but like previous post, Its for Me or the unsecured creditors. I chose me.

I think the trustee may lower the 24.99% interest rate. It was so High because my atty said to stop paying unsecured creditors during our initial consultation. My FICO plummeted.