Considering Filing BK CH 13..

[drowning1]

I am in the "thinking" process of filing BK Ch 13 but I have some questions:

1. I have a car title loan for $5K can this be included and i can keep the vehicle?

2. I have a handwritten purchase contract for another vehicle from a private seller, can this car be included and I keep the vehicle?

3. Do I have to provide past tax returns if I file BK?

I havenot consulted with an Attorney yet but will do so after I have a better understanding how it all works.

[lrprn]

Welcome to the BK Forum, drowning1 - glad you found us!

To answer your questions better, it would help us help you more if you could give us more information.

What state do you live in? Are you thinking about filing Ch 13 because your family income is above the median income for your state? Or are you trying to save assets? Do you own a house? Any cars besides the two you mentioned here? Any other assets or property? Are you married? Do you have children or other adults living with you?

1. I have a car title loan for $5K can this be included and i can keep the vehicle?

These loans (as predatory as they are) are secured by the car. Whether you can keep it depends on how much equity you have in the car when you subtract the value of the car from the amount of the title loan and how generous your state's auto exemptions are.

2. I have a handwritten purchase contract for another vehicle from a private seller, can this car be included and I keep the vehicle?

Same answer as above plus it depends on the number of licensed drivers there are in your household and how your trustee interprets your need for the extra car. If you are single/divorced with no driving age dependents living with you, then most Ch 13 trustees will allow you to keep only one car. (By the way, when did you purchase this car? Did you purchase it for cash or on a payment plan? )

3. Do I have to provide past tax returns if I file BK?

You are required provide the last two years of national, state, and local tax returns when you file.