Timing of buying a new car and co-signor

[jwmc1]

This may be a farily common question, but I haven't found an exact answer. I plan on filing 13 fairly soon, but before I do it I need to get a reliable car. My father stated he would co-sign for me and I would not have trouble making the payment after I file, but is there any issue I need to be aware of? Is there a timing issue, if I buy a car with my father as a co-signor and then file 30 days later?

[overspent]

Bought new car end of July, talked to attorney and he indicates there should be no problem. I am not sure about 30 dyas , but 90 days should be OK.

[jwmc1]

I wonder if there is a rule? Like soem kind of preference period

[lrprn]

This may be a farily common question, but I haven't found an exact answer. I plan on filing 13 fairly soon, but before I do it I need to get a reliable car. My father stated he would co-sign for me and I would not have trouble making the payment after I file, but is there any issue I need to be aware of? Is there a timing issue, if I buy a car with my father as a co-signor and then file 30 days later?

Assuming that you intend to buy a modest car - not an expensive car - then Ch 13 trustees understand the need for having reliable cars to last through the five years after filing. As long as the car you buy with your father is a reasonable one, you should be fine.

Run the purchase timing through your lawyer before signing on the dotted line just to be sure your Ch 13 trustee is one that will be ok with the car purchase a month out from filing.

[jwmc1]

I plan to buy a 3 year old H3...don't want new car...what will be considered "too much car?" I have to drive all over Michigan for my job and I cannot afford to have the weather stop me.

[UpsideDownMI]

Do you have currently have a car payment that the H3 would replace? If so, try your best to keep the payment amount in the same ball park. Either way, I do not think their will be an issue as long as your payment is not excessive.