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Bought a new car in Aug, filed in Jan. What will happen now.

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  • Bought a new car in Aug, filed in Jan. What will happen now.

    We had a car we owe $13,000 on (2007) and decided to surrender it because my husband could hardly drive it and get in and out of it because he had double knee surgery the year before. The driver side air bag was also
    disengaged which we felt was a safety hazard, and there is no warranty on the car. It was from a buy here, pay here place.

    About a year ago, I almost lost my job going in late, etc. because 1 or both of our cars were in the shop for over a year. We had to rent a car 3 times when both of them were in the shop. We had to borrow money to pay for repairs and car rentals. This is why I'm paranoid about this and wanted a warranty to cover any major expenses.

    We decided to purchase another car, a 2009, the initial cost was 16,000, not so much more than what we owed on the other one, but with the extended warranty and interest ended up being $20,000. This also gave us about 10,000 extra miles so we wouldn't have to worry about it not lasting through the plan. We assumed that because it was a newer purchase that we would have to paid outside the plan. This purchase was in Aug. but the lein wasn't put on until Sept. almost a month after we signed the papers and were driving it. Payments were already being deducted from our bank account.

    We filed our Ch 13 on 1/13, our atty thinks we may have a problem because of the new purchase. We did not intend to cause a problem and fully intended to pay it outside the plan..... however, our atty said it would have to be included. So it is included in our plan and the older car is being surrendered.

    Any thoughts about this, we really don't want to give up the newer car because my husband is able to get in and out of it comfortably and he is able to drive it, it has a 3 yr warranty on everything and 5 yr on powertrain or whatever, so we don't have to worry so much about repair expenses during the plan, or worry about the safety issue with the air bag.

    Thanks for you thoughts!
    Ch13 filed 1/13/11, 341 held 2/17/11, Confirmed 3/23/11
    1% to unsecured creditors
    25 down, 15 to go! Thanks to all for your help here on the Forum!

  • #2
    You shouldn't have to surrender it, in fact what you did was smart bankruptcy planning. Unless you are behind in payments I don't understand why your attorney wants it included in your payment plan. ("Including it" simply means that you pay the car payment to the trustee and he doles out the payment) Perhaps you misunderstood your attorney and think "included" means you have to surrender it?
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.


    • #3
      I see no problems with this. You dumped a vehicle and replaced it 5 months before filing. Happens all the time. You will pay the newer car in full either inside or outside the Plan (my jurisdictions says inside) and you will list the surrendered car finance company on Schedule F.



      • #4
        At time of filing 13. 8 months ago. we had a 2005 financed. a 2009 financed. There is a 2 1/2 year rule. we were current on our 2009 but since we didn't own it for 2 1/2 years we had to turn it in due to the Bankruptcy law. we were able to keep the older car cause we had it more than that time.


        • #5
          lookin4info, your state is listed as Ohio. I've found that the southern district anyhow is pretty reasonable about the CH 13s, if the trustee asks explain that hub couldn't drive older car b/c of disability, but don't go worrying about trouble when there very well may be none. Never heard about any 2 1/2 rule, but from reading on here the Florida trustees are real hard in comparison to anything I've ever experienced here in Ohio. Actually my trustee let us buy a vehicle AFTER we filed CH 13, reduced our trustee payments by $300/month to allow us to do this, can't imagine buying a car prior to filing being an issue here. Best of luck!
          Filed CH 13 September 17, 2007
          Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!


          • #6
            Thanks to all for the replies, I feel a little better after reading them. Just to clarify, the older car was from a buy here, pay here, so we paid it until the day we filed so they wouldn't come and get it.

            The newer car, we made 2 payments, but I had surgery and my disability checks were messed up, so we got behind in Dec. I was going to try to catch it up and even made an advance ck pmnt by phone (stopped payment afterward speaking to the Paralegal) and then catch up the Jan. pmnt, but the paralegal said that was ok, since it would be paid through the plan. We used the money we saved to finish paying the atty fee. We filed 1/13 which was about 2 weeks earlier than we planned since we were able to come up with the money. We were behind the Dec. and Jan. pmnt on the new car and only 2 wks behind on the old car at that time.

            I think the atty is concerned about the car because our plan only allows for 1% to be paid to creditors, that all our plan pmnts will be going to pay off the newer car, IRS, and the state of Ohio. He was clear about it being paid in the plan, but works for us because our plan payment is $831 for 59 mos. The car pmnt by itself was $450 for 72 months, 2 down, 70 to go.

            So am I correct to assume the newer car will now be paid in full after 59 mos. instead of 72 or will we have to continue paying the balance on it?

            Thanks again for your input! You all should be paid for counseling services and putting peoples minds at ease!
            Ch13 filed 1/13/11, 341 held 2/17/11, Confirmed 3/23/11
            1% to unsecured creditors
            25 down, 15 to go! Thanks to all for your help here on the Forum!


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