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Get your FICO score (grab a discount code here) |
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01-23-2007, 07:47 PM
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#1 |
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Registered User
B/F Newbie
Join Date: Jul 2006
Posts: 87
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Buying used car for cash while in C13...
Anyone have any experience with this, or thoughts on the matter? I'm trying to save some money to buy a backup vehicle (a motorcycle) because the Jeep is showing it's age (just got it out of the shop after a $700 repair bill). Saving up some money is possible right now because of side jobs, but my main question is this: if I buy this vehicle (whatever it turns out to be) with cash, am I going to get into hot water with my Trustee? I'm still doing my payments (and will be for years to come), but my Jeep certainly won't hold out another 5 years. Thoughts? GUiNV |
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09/13/06: -- C13 filed with Courts
12/04/06: -- Plan confirmed!  Payments left: -- 38 
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01-23-2007, 09:03 PM
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#2 |
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Moderator
B/F Guru
Join Date: Dec 2004
Posts: 9,516
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It should not be a problem, the car purchase is an after BK assets.
However, we had one person on here report they got in trouble (and have a motion to dismiss) because when they turned over their tax return, they made more money than the represented on their chapter 13 plan. But that seems to be an oddity. For the most part, once the chapter 13 plan is set and confirmed, that is it. |
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The information provided is not and should not be considered legal advice or establish an attorney/client relationship. Nor do I promise or guarantee that the information contained on this post or any linked site is accurate, correct, complete, or current. You should seek the advice of competent counsel licensed to practice in your state to answer specific legal questions.
My favorite resources http://www.bankruptcylawnetwork.com/ http://askmethner.com |
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