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Purchase a car or lease a car? I just filed and they have not given me a trustee...if i go a head and buy a used car (207.00 a month payments) what happens?
I heard if I lease a car then it is easier to work with the trustee...
thoughts please...my lawyer is out of town and will not get back to me...the dealer is holding a car for me until tomorrow...
my old car is paid out in full and is not working. I am using public transportation.
thanks
Last edited by emmylou; 12-30-2008 at 03:19 PM..
Reason: added info
If you haven't purchased it yet, I would honestly wait 'til your lawyer returns. You could create a mess of trouble for yourself with the court system if you purchase the car. I don't know that they would look at the situation of your using public transportation as a reason for getting the car. I mean, they may see it as if you can afford a $207 monthly payment, will you be able to afford the monthly payment to the court? And if so, then could you possibly afford more?
Didn't you have to file a budget with your bankruptcy papers showing what you could/couldn't afford to pay back? If so, I'm sure a $207/mo used car payment wasn't on it.
If you don't wait for the attorney, you may get your bankruptcy thrown out of court.
Maybe I am wrong but was the whole idea of the Chapter 13 to get OUT of debt? If I had to file Chapter 13 the last thing on my mind would be buying a brand new car. Find one for $500 to get you by or keep using public transportation until you have paid off your debt or you are going to end up right back where you started.
I would not do anything either until I talk to the lawyer. I think you have to wait until after your creditor meeting to take any new type of financial action with anything or the whole thing could get thrown out or they will charge you more to re file certain papers. When you can do something- If you car isn't working you can probably still trade it in anyways and get some trade in value or sell it outright in the paper. Then you should just buy a car outright. If you look around you can get a decent running car for 500-2000. You just have to look. Have the dealer keep an eye open for you and tell him your plan. I would never plan on having a car payment again if you can help it. I'd rather drive around anything than have that payment. Then when you get the car still put aside whatever a month into a "car fund" then when you need to buy another (when your car dies) you will have cash to pay for it. That is what I am doing anyways. Just an idea. Good luck with your future.
You can not make any large purchase three months prior to filing bankruptcy or during it. Your case will get thrown out as you obviously can afford some payments so why not pay off your debt??
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