QUESTION
If I need a car and I am filing chapter 13, can I get one after I file or should I get one before?
Asked on Apr 25th, 2015 on Bankruptcy - Illinois
7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Get one before you file. That way you'll get a reasonable interest rate in the Ch 13 rather than the high rate on the loan.
Answered on May 05th, 2015 at 11:49 AM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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If you're going into chapter 13, I assume you're going to hire an attorney. Not doing so, is not smart. The success rates in chapter 13 by self represented individuals is less than 2%. When you consult with the attorney discuss this concern with him or her. They can best advise you based on your circumstances. For some people it makes sense to get a vehicle first, for others not. I assume when you say chapter 13, you do mean chapter 13, not chapter 7.
Answered on Apr 29th, 2015 at 8:58 AM
It sort of depends on your budget and what goal you want to accomplish in your Chapter 13. Trustees are well aware of the strategy of getting a new vehicle loan before filing Chapter 13 and may impose additional demands as a result. Proceed with caution.
Answered on Apr 29th, 2015 at 8:57 AM
Before, if you have a choice. I can give you someone's name and number to buy a car from. Call me if you are interested.
Answered on Apr 29th, 2015 at 8:38 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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It would be less expensive for you to get it before you file the petition because you will have to ask permission from the Judge to incur such debt after the case is filed and preparing the motion to request permission is billable by an attorney.
Answered on Apr 29th, 2015 at 8:33 AM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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There isn't enough information to answer that question. It depends on your whole situation. Call an experienced bankruptcy attorney for a free consultation.
Answered on Apr 29th, 2015 at 8:32 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Before filing makes it easier. Once you file a petition, you need the Trustee's permission.
Answered on Apr 29th, 2015 at 8:32 AM