for an auto loan, what exactly is the trustee looking for when he does that.
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He's not really looking for anything. Its just standard procedure that you make a request from the Trustee regarding any "big purchase" such a vehicle, home while you are in Chapter 13.
Though I'm sure that if what you buy is very expensive the trustee will want to "know" where you found your money to make the payments with???? Since all excess funds are supposed to be going to your creditor in a Chapter 13.
If your in Chapter 13, the Trustee will control your spending for the next 3-5 years.
Be smart, notify him for approval, otherwise it could backfire on ya!
Minny
Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
Yeah, they just want to see that the purchase is reasonable and won't affect the chapter 13 plan. (the trustee works for your creditors, so they just want to see that the purchase wont injur your creditors, i.e. by reducing your plan payments or making it to difficult to complete the plan).Comment
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