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    Question...

    Going Saturday for a free evaluation with a lawyer. Behind on mortgage so probably going to have to go with Chapter 13. My car is about 10 years old and almost on its last leg. How long do you have to wait about getting anything financed when you file either Chapter. I know I'm probably jumping the gun, going to see a lawyer trying to get rid of debt and talking about getting a car...It's just a question!
    07-21-2009 filed Chapter 13
    05-02-11 CONVERTED TO CHAPTER 7 :

    09-07-11 DISCHARGED !!!!!!

    #2
    It's best to get a vehicle BEFORE you file ch 13 because once you file, you will need the Trustee's approval, etc. Although it's not impossible to get a vehicle AFTER you file, you will be paying pretty high interest rates.
    May 2008 Hired 1st Attorney/Stopped paying CCs
    May 21, 2009 Retained 2nd Attorney
    May 28th - Filed for Ch 7 (FINALLY!)
    9/11/09 - DISCHARGED!!!!

    Comment


      #3
      I thought you couldn't file for so many months after you purchased something on credit? Correct me if I'm wrong!

      Obviously I cant afford my debts right now, so how's it going to look when I purchase a car? I guess I'm just totally confused...
      07-21-2009 filed Chapter 13
      05-02-11 CONVERTED TO CHAPTER 7 :

      09-07-11 DISCHARGED !!!!!!

      Comment


        #4
        Originally posted by jade73 View Post
        I thought you couldn't file for so many months after you purchased something on credit? Correct me if I'm wrong!
        That's only for unsecured debt and only where it is not necessities (food, medicine, other living costs), was over $600 in aggregate to a single creditor in the prior 90 days, and was not a "luxury" item.

        Purchasing a car is different, as that's a secured debt.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          OK so I go out and buy a car tomorrow, talk to the attorney Saturday?

          Tell me this isn't right?

          Plus I'm thinking our credit sucks so bad that we couldn't even get financed right now. I'm so frustrated!
          07-21-2009 filed Chapter 13
          05-02-11 CONVERTED TO CHAPTER 7 :

          09-07-11 DISCHARGED !!!!!!

          Comment


            #6
            Originally posted by jade73 View Post
            OK so I go out and buy a car tomorrow, talk to the attorney Saturday?
            Talk to your attorney first, and ask him if you should replace the car first. The attorney will be working on your Plan and needs to deal with money issues. Whether your payment will fit in the plan... matters.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

            Comment


              #7
              Oh ok, so just tell him that we need a car and see what he says?
              07-21-2009 filed Chapter 13
              05-02-11 CONVERTED TO CHAPTER 7 :

              09-07-11 DISCHARGED !!!!!!

              Comment


                #8
                Originally posted by jade73 View Post
                Oh ok, so just tell him that we need a car and see what he says?
                Yep, that's what you pay them for... legal advice.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog

                Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                Comment


                  #9
                  Originally posted by jade73 View Post
                  Oh ok, so just tell him that we need a car and see what he says?
                  I know it's a hard concept to grasp, we were the same way a year ago when my 1st attorney (at the time, we thought we would be a ch 13) told me to go out and get a new car! Here were were, broke, juggling bills, maxed out, finally decided to file BK and told to get a new car!
                  May 2008 Hired 1st Attorney/Stopped paying CCs
                  May 21, 2009 Retained 2nd Attorney
                  May 28th - Filed for Ch 7 (FINALLY!)
                  9/11/09 - DISCHARGED!!!!

                  Comment


                    #10
                    Originally posted by liz417 View Post
                    I know it's a hard concept to grasp, we were the same way a year ago when my 1st attorney (at the time, we thought we would be a ch 13) told me to go out and get a new car! Here were were, broke, juggling bills, maxed out, finally decided to file BK and told to get a new car!
                    So you went out and bought a new car?
                    07-21-2009 filed Chapter 13
                    05-02-11 CONVERTED TO CHAPTER 7 :

                    09-07-11 DISCHARGED !!!!!!

                    Comment


                      #11
                      Originally posted by jade73 View Post
                      So you went out and bought a new car?
                      I felt too guilty, so I bought a good used economical one with 20k miles Then my attorney tells me that I should have bought something nicer because my monthly payments were too low ($280) and we were trying to get rid of DMI! At the time, I knew nothing about BK and didn't know I was purchasing a car to lower my DMI.
                      May 2008 Hired 1st Attorney/Stopped paying CCs
                      May 21, 2009 Retained 2nd Attorney
                      May 28th - Filed for Ch 7 (FINALLY!)
                      9/11/09 - DISCHARGED!!!!

                      Comment


                        #12
                        My husband and I did buy a new vehicle after talking it over with our attorney. We told her that Saturn was offering either 0 down and 0 interest or $500 and 1.9%. We also initially thought we were going to be a 13. I am not so sure I would have bought a new vehicle even with the great interest rate and low downpayment if I would have known we could a 7.
                        Filed: 8-19-09
                        341: 9-21-09
                        Notice of Discharge: 11-28-09

                        Comment


                          #13
                          Originally posted by liz417 View Post
                          I felt too guilty, so I bought a good used economical one with 20k miles Then my attorney tells me that I should have bought something nicer because my monthly payments were too low ($280) and we were trying to get rid of DMI! At the time, I knew nothing about BK and didn't know I was purchasing a car to lower my DMI.
                          I guess I'm still having a hard time grasping this. If you stop paying your creditors, you're credit score is going to bottom out. How in the world do you go get a car financed?
                          07-21-2009 filed Chapter 13
                          05-02-11 CONVERTED TO CHAPTER 7 :

                          09-07-11 DISCHARGED !!!!!!

                          Comment


                            #14
                            Originally posted by jade73 View Post
                            I guess I'm still having a hard time grasping this. If you stop paying your creditors, you're credit score is going to bottom out. How in the world do you go get a car financed?
                            Presumably, you get the car, just as you stop paying the unsecured creditors.
                            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                            Status: (Auto) Discharged and Closed! 5/10
                            Visit My BKForum Blog: justbroke's Blog

                            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                            Comment


                              #15
                              Off to see the Lawyer...wish me luck! I'm sooooo nervous!
                              07-21-2009 filed Chapter 13
                              05-02-11 CONVERTED TO CHAPTER 7 :

                              09-07-11 DISCHARGED !!!!!!

                              Comment

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