top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Buying used car before discharge?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Buying used car before discharge?

    A good friend of mine is selling their car and is giving me a good price. I don't have a car right now and will need one soon as my discharge will be coming soon (8/23) and I will start applying for jobs again and will need the car when I get one.

    My question is that even though I will be buying with cash (my parents will be paying for it and I will pay them back once I am working again), I know I will have to get new state plates, car will be transfered to my name..etc.
    ..will any of this effect my discharge?

    I am no asset right now. Will the car show up as a new asset if I have it signed over to me before my discharge or if I order my plates before the discharge?

    The person I am buying it from is one of my best friends so I am sure she will be flexible for whatever I need to do.

    Should I wait until after I am discharged to complete any paperwork for the car?

    I could have my put in my bf's friend name since we will be sharing the car and he will be paying for some of it.

    How would be the right way to go about it?
    "I broke, I broke, it's off to Chapter 7 I go"
    http://queenfluff.blogs.experienceproject.com/
    1st meeting w/ Lawyer: 4/3/09 * File: 4/30/09 *341: 6/23/09 * Discharged 8/25/09!

    #2
    It should not affect your discharge in any manner.
    May 31st, 2007: Petition Filed by my lawyer
    July 2nd, 2007: 341 Meeting Held
    September 4th, 2007: Discharged and Closed.

    Comment


      #3
      Originally posted by JRScott View Post
      It should not affect your discharge in any manner.
      thanks JRScott! that is what I was hoping.

      So even if I have the title transfered to me and I apply for plates BEFORE my case is closed - will the court/trustee be able to trace it? I am just worried they will find out an wonder how I got the money to pay for it and than say I now own an asset and want me to sell it to get money to give to my creditors.

      I am going to ask my lawyer to make sure. I don't want to mess up my case right before I get discharged. that would suck!
      "I broke, I broke, it's off to Chapter 7 I go"
      http://queenfluff.blogs.experienceproject.com/
      1st meeting w/ Lawyer: 4/3/09 * File: 4/30/09 *341: 6/23/09 * Discharged 8/25/09!

      Comment


        #4
        My lawyer told me it wasn't a problem....granted I was surrendering my car and the car I was buying was less than $2k.
        Retained 3/09 * Filed 6/2/09 *341 Meeting 7/23/09 *Report of No Distribution Filed 7/24/09 *Closed and Discharged 10/13/09*
        ***I do not provide legal advice. All I am doing is sharing my thoughts and opinions. You probably shouldn't even read my posts.***

        Comment


          #5
          Originally posted by queenfluff View Post
          thanks JRScott! that is what I was hoping.

          So even if I have the title transfered to me and I apply for plates BEFORE my case is closed - will the court/trustee be able to trace it? I am just worried they will find out an wonder how I got the money to pay for it and than say I now own an asset and want me to sell it to get money to give to my creditors.

          I am going to ask my lawyer to make sure. I don't want to mess up my case right before I get discharged. that would suck!
          Unless you were hiding an asset and used it to acquire this car you have nothing to worry about.
          Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

          Comment


            #6
            We bought a car just before discharge and paid cash for it too. As I recall, I waited the longest time we could to transfer the title without paying a penalty. Most states give you several weeks to transfer the title on a vehicle you purchased and you could use that to wait until after discharge.
            Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.

            Comment

            bottom Ad Widget

            Collapse
            Working...
            X