Buying a car before 341 meeting - cash

[tinkerbel]

Hi everyone! I am new here, and I have a question. I am in Chapter 13 now, but we are converting to a chapter 7 soon. I am in need of buying a van for my kids, but I'm not sure if we can until after our 341 meeting. We would be buying it with cash, so there would be no debt involved. Does anyone know if we would get in trouble for this? Thanks-Tink

[backtoschool]

Hi everyone! I am new here, and I have a question. I am in Chapter 13 now, but we are converting to a chapter 7 soon. I am in need of buying a van for my kids, but I'm not sure if we can until after our 341 meeting. We would be buying it with cash, so there would be no debt involved. Does anyone know if we would get in trouble for this? Thanks-Tink

You won't get in trouble, but it is an asset that will have to fit into your exemptions. Depending on the state you file in, it may or may not fit into your exemptions.

[tinkerbel]

Thanks, so you think they won't find out by seeing the tag registration and insurance information? Do I have to tell them I bought it?

[backtoschool]

Thanks, so you think they won't find out by seeing the tag registration and insurance information? Do I have to tell them I bought it?

You have to list it as an asset. It will have to fit into your exemptions. Definitely do NOT try to hide it, as the cash transfer will show up in your bank statements, etc.

How much is the car you are buying and what state do you live in? That will let us help you figure out if it would be exempt or not.