QUESTION
Can I trade my car on another vehicle if I am in chapter 13?
Asked on Sep 05th, 2014 on Bankruptcy - Idaho
More details to this question:
I just paid my last payment in my re payment schedule. I have a vehicle with no liens or loans on it. I will not be incurring any additional debt or taking out any loans in this transaction.
5 ANSWERS
You can trade your car in once your plan is confirmed, because upon confirmation, ownership in your property returns to you. However, you cannot borrow money while your chapter 13 case is open until you obtain court approval to do so.
Answered on Sep 08th, 2014 at 1:20 PM
Yes you can but do you would need their permission from your chapter 13 trustee.
Answered on Sep 08th, 2014 at 6:51 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You need to notify the trustee and obtain his/her approval.
Answered on Sep 08th, 2014 at 1:45 AM
2 Awards
Yes. You may.
Answered on Sep 05th, 2014 at 11:31 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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This depends on whether or not you had property vested back to you as part of the confirmation order. Review this with your attorney before you do it. Your car may be property of the estate still and you may need a court/trustee permission to do what you want. If you are not incurring debt, the trustee may inquire as to where you have this extra money sitting around and may move to have it turned over to have it sent to creditors rather than paid for a car. Check with your attorney, may open a Pandora's Box by not waiting until your bankruptcy is closed to make this purchase.
Answered on Sep 05th, 2014 at 11:30 PM