How soon can I relace my car?

[CH33 Paralegal]

There is a place for that type of activity...SOFA #14. Items that you possess that are technically owned by someone else. If you parents want to buy you a car, that's their decision. They aren't helping you not pay your debt. They aren't taking money that should go to the trustee and putting it towards something preferential. They are taking their own Not-involved-in-bankruptcy money and spending it on their kid. Nothing wrong with that at all. The BK court is not interested in preventing you from receiving help from people that want to help you.

[doingpoorly]

It sounds like you are trying to do something completely different now, though.

Sounds to me more like OP is running through all of her options. It is real hard to choose the best course of action without all the pros/cons of each option laid all out.

Hurt- If it were me and had the opportunity to redeem AND needed the expenses relating to a second vehicle I would try to redeem. If I didn't need the expense of a that second vehicle, I think I would let the lender have the vehicle and then let parent buy themselves a car and let you borrow it. Either way seems like it would work just fine, it just depends on which way makes the most sense for your family. Curious though....where would the money come from to redeem ?

[bkmaggster]

Thanks for the responses. It sounds as if others are confused on the subject as well. I do not want to commit fraud and complicate matters, which is why I asked.

I do have three vehicles, one owned, one will only be 30 days late upon filing in August and the other 60 days late. It sounds as if I will be able to state that I want to redeem the 30 days late truck (and maybe I will if they will let me buy it for blue book). I can choose not to redeem if the bank wants too much right?

Actually, I don't think anyone was confused about the topic - just miscommunication and reading comprehension. If your parents are willing to buy the car with their own money and keep it in their name, let you borrow it and give it to you as a gift only long after you are discharged you can do that.

It sounds like you are trying to do something completely different now, though.

[tinfoilhat]

Thanks for the responses. It sounds as if others are confused on the subject as well. I do not want to commit fraud and complicate matters, which is why I asked.

I do have three vehicles, one owned, one will only be 30 days late upon filing in August and the other 60 days late. It sounds as if I will be able to state that I want to redeem the 30 days late truck (and maybe I will if they will let me buy it for blue book). I can choose not to redeem if the bank wants too much right?

Apparently multiple posts on the same subject confuses people.
I don't know what the hell you're trying to do now, I was going off of the original post that started this thread.

Don't try to clear it up for me either, I won't be checking back.

[hurtininaz]

Thanks for the responses. It sounds as if others are confused on the subject as well. I do not want to commit fraud and complicate matters, which is why I asked.

I do have three vehicles, one owned, one will only be 30 days late upon filing in August and the other 60 days late. It sounds as if I will be able to state that I want to redeem the 30 days late truck (and maybe I will if they will let me buy it for blue book). I can choose not to redeem if the bank wants too much right?

[doingpoorly]

Doingpoorly:

You cannot pay any unsecured debts more than $600 within 90 days of filing BK. I got cornfused

Hey you see this post?

http://www.bkforum.com/showthread.php?t=41028

Luci

Yep, saw that one too. I would be worried that TT would see that as trying to work the system. It would probably look better if income were low, car was sold to unrelated party and cash used for daily living expenses with paper trail.

[LuciluS]

Doingpoorly:

You cannot pay any unsecured debts more than $600 within 90 days of filing BK. I got cornfused

Hey you see this post?

http://www.bkforum.com/showthread.php?t=41028

Luci

[doingpoorly]

I'm following both of these Threads too. Explanation why is in a paragraph Below.

Hmmmm....poorly. 2nd payment made? Do the 2 payments equal more than $600? Filing when? with an Attorney? If so, did you seek his/her advice. Just throwing some questions at ya...don't have to answer them. IF BK is near, possible to stop paying parent until discharge, JUST in case you get a 'Nappy' Trustee??

It's a shame when people are: So financially strapped - know they are unable to make unsecured loan payments - know they are headed to BK - meet with Attorney & he/she says 'Yep, can file BK', see my paralegal for your packet, Contract & btw, I need a retainer fee' - relatives want to help & you let them.

Then, you start seeking info on Chapter 7 & find out you are 'Screwed' because a Relative helped you out! I'm in the same situation except mine involved my ex's wife paying off a Credit Card, promissory note written & I've paid her $1,000 in Nov. & Dec. My Attorney seems to think Trustee will overlook it - best scenario. 2nd scenario - Trustee makes me pay the difference of $400. Worst scenario - I have to pay Trustee $1,000.

Whatever happens, Happens. I'm not waiting until next Feb. to file. I know all of our Credit Cards are now in the hand of CAs' and or JDBs' & I don't want a Judgement filed.

The 2nd payment will be made before I file in August. The payment amount is $120 a month. Why would it be a problem if it were over $600- it wouldn't be a preference unless it was an unsecured - unperfected loan, no ? We do have an attorney, but their answers are not always 100% as we all know. I am looking for experiences of others in same/similar situation. The attorney said to do it the way I did it, but again, just trying to see what has happened in the real world of bk filers. I wouldn't want to stop paying parent for the loan...if I did they would repo it faster than anything. Parents didn't do this as a gift. I am paying a good amount of interest and doing business with my parents isn't a free ride.

I knew I couldn't afford my loan and lease and needed to find a replacement car. Exemption here is only $1000 and not only did I not have $1000 to buy a car, what could be found for $1000 wasn't going to fit my needs, so we did what tons of others do before bk , we bought a car that we can afford and are making payments on it and the loan has a lien on it just like they would for any other business/ person that made me a loan. My parents did not HELP me, they GAVE me NOTHING.

You are right what whatever happens, happens, but there is nothing wrong with bracing for the crash. We just have to hang on tight.

[teacher]

Just FYI, insuring another person to drive your vehicle is not an issue. It will raise your rates, but it is done all the time. Car insurance is NOT like health insurance.

[OhioFiler]

Thanks, thats exactly what I meant.



Ok then chief, just trying to make this as unstressful as possible. Have a laugh, let go.

Oh I have plenty of laughs here Sparky! I've learned one can't take life too serious or let others effect one's emotional well-being.

[LuciluS]

I see we were doing this at the same time. Funny.
I did follow that thread and asked some questions. I got a little worried that they took it just based on relative having lien. That seems like it would be so wrong, but it turns out to be reasonable and within the law to do what the posters TT did. To bad he didn't owe mom more money.


I am interested in the whole relative thing because it is exactly what I did.
I can't afford the loan and lease I have, so we borrowed money from parent to buy a new vehicle. Loan was for a few thousand, the value of the vehicle. Lien on title, lien perfected and two payments ( 62 days after loan was taken out ) will be made before filing. Loan car will go back and lease will be up shortly leaving me with one car (the one my parent financed). One car is enough expense for me to pass means and leaves me a tad bit under $100 dmi . I hope what I have done will not come back to bite me. Comments ?

I'm following both of these Threads too. Explanation why is in a paragraph Below.

Hmmmm....poorly. 2nd payment made? Do the 2 payments equal more than $600? Filing when? with an Attorney? If so, did you seek his/her advice. Just throwing some questions at ya...don't have to answer them. IF BK is near, possible to stop paying parent until discharge, JUST in case you get a 'Nappy' Trustee??

It's a shame when people are: So financially strapped - know they are unable to make unsecured loan payments - know they are headed to BK - meet with Attorney & he/she says 'Yep, can file BK', see my paralegal for your packet, Contract & btw, I need a retainer fee' - relatives want to help & you let them.

Then, you start seeking info on Chapter 7 & find out you are 'Screwed' because a Relative helped you out! I'm in the same situation except mine involved my ex's wife paying off a Credit Card, promissory note written & I've paid her $1,000 in Nov. & Dec. My Attorney seems to think Trustee will overlook it - best scenario. 2nd scenario - Trustee makes me pay the difference of $400. Worst scenario - I have to pay Trustee $1,000.

Whatever happens, Happens. I'm not waiting until next Feb. to file. I know all of our Credit Cards are now in the hand of CAs' and or JDBs' & I don't want a Judgement filed.

[tinfoilhat]

What I believe tinfoilhat meant in this quote is

1. have the parents buy the car, with the parents money
2. parents put the car in the parents name (since they bought it)
3. the parents insure the car and include OP as a secondary driver.
4. Someday later, maybe a year later if needed, parents gift OP with car.

At least, that's what I took it to mean. I don't think this constitutes fraud, or could even be construed as such. At no time before or during the bankruptcy would the car be an asset of the OP.

I think it's fine for people to debate, but it goes nowhere if people aren't debating the same thing!

Thanks, thats exactly what I meant.

Sparky, that type of comment might get you in trouble on these forums. I believe the mods frown on offensive name calling. You can call me Sparky Jr if you must use a name though.

Ok then chief, just trying to make this as unstressful as possible. Have a laugh, let go.

[OhioFiler]

What I believe tinfoilhat meant in this quote is

1. have the parents buy the car, with the parents money
2. parents put the car in the parents name (since they bought it)
3. the parents insure the car and include OP as a secondary driver.
4. Someday later, maybe a year later if needed, parents gift OP with car.

At least, that's what I took it to mean. I don't think this constitutes fraud, or could even be construed as such. At no time before or during the bankruptcy would the car be an asset of the OP.

I think it's fine for people to debate, but it goes nowhere if people aren't debating the same thing!

I didn't read Sparky's quote the way you did. He specifically instructed the OP to buy a car (with his parents help). You read it as though he MEANT have your parents buy a car. I can't know what he meant. I can only know what he wrote!

[doingpoorly]

K here is the other Thread: In Aimslander's situation he had borrowed money from his mother and she put a lien on the vehicle. Note: 2 pages in this thread.

http://www.bkforum.com/showthread.php?t=40967

I began research on Bankruptcy Oct. 2008 and it is solely my opinion - When relatives get 'involved' in another relative's BK, the Trustee mindset is 'O a Relative....let me delve further to see if I can make some money'. Again, just my Opinion.

And further, OP needs to consult with his/her Attorney before making a decision regarding OP's upcoming BK.

Luci

I see we were doing this at the same time. Funny.
I did follow that thread and asked some questions. I got a little worried that they took it just based on relative having lien. That seems like it would be so wrong, but it turns out to be reasonable and within the law to do what the posters TT did. To bad he didn't owe mom more money.


I am interested in the whole relative thing because it is exactly what I did.
I can't afford the loan and lease I have, so we borrowed money from parent to buy a new vehicle. Loan was for a few thousand, the value of the vehicle. Lien on title, lien perfected and two payments ( 62 days after loan was taken out ) will be made before filing. Loan car will go back and lease will be up shortly leaving me with one car (the one my parent financed). One car is enough expense for me to pass means and leaves me a tad bit under $100 dmi . I hope what I have done will not come back to bite me. Comments ?

[doingpoorly]

[COLOR="Blue"]

I just read a Thread yesterday, where OP paid $1,500 to Trustee and made monthly payment of $200 to Trustee for doing the Exact same thing. In the other post, Poster listed mother perfected lien on vehicle, Trustee was pissed. Will see if I can find that Thread.

Is this the thread you are thinking of ?
http://www.bkforum.com/showthread.ph...041#post291041

If so, the reason that poster paid is because there was a difference between value and lien. OP had to pay the difference. That is understandable. A loan without equity or equity within the allowable amount for your state wouldn't be a problem, correct?