How to Buy a Car DURING Chapter 13 Bankruptcy? Bankruptcy Lawyer Explains.

[@destineeburns198]

What if the car you have in chapter 13 broke down and cant be fixed and now you need a new car?

[@Enzo-tg8uo]

Isn’t your credit bad from filing ch.13 ? How can you even get approved for an auto loan when your credit score is bad ?

[@sashajames3233]

The judge approved me to incur dept but it's been difficult to find someone to approve me still. I don't even have any stipulations. Just can't go over 20000.

[@aredabush1722]

​@@sashajames3233 Im going through this now did you find a vehicle yet?

[@SimulationSimulacrum]

My GMC AT4 was stolen and the truck will get paid off and I’m getting an additional 17,000 for a new vehicle. I haven’t been confirmed yet and I’m trying to decide if I should go through all that trouble or buy the vehicle cash.

[@RichardLopez-ij5px]

Just do cash.

[@SimulationSimulacrum]

@@RichardLopez-ij5px my wife isn’t involved in the bankruptcy and my S-corp has been left out, she’s going to get the vehicle in her name. Problem solved.

[@RichardLopez-ij5px]

@@SimulationSimulacrum funny thing. I just talked to my wife who isn’t either so I’m likely filing that route. I’m about a year and a few months done with the Chpt13

[@SimulationSimulacrum]

@@RichardLopez-ij5px still waiting to get confirmation, been making payments now for a year. The truck theft really postponed things and it was recovered last week but I’m gonna get rid of it most likely. Good job on keeping it up man!

[@chrysspeaks]

Do you know about anything for this topic in AZ?

[@bankruptcybailout]

No specifically, but the process is probably similar. Typically, the only difference between jurisdictions is whether you have to get court approval or if you only need trustee approval.

[@keithhines5319]

Is a down payment required in this process?

[@EeyesTV]

I'd think so!

[@bankruptcybailout]

That is up to the car dealer and lender.

[@derrickhead]

what do you do when your already have a car in a chapter 13

[@bankruptcybailout]

You need to be a little more specific. You can either sell that existing car or trade it in and buy another one. If your chapter 13 plan has been confirmed (approved) by the court and your intent was to keep the existing car, most districts won't let you then surrender it (voluntary repo) through the bankruptcy and buy a new car.

[@tiffanynguyen343]

Wow that’s a lot of steps to do. All I did was applied for the loan, go out there and get a car. I can get a loan at car dealer too. Didn’t know it this complicated. Anyways, just come across this video and curious what is it about. I have sold and buy new cars during my chapter 13, without any permission of the trustee. Well I did not know thay I had to ask permission for it.

[@bankruptcybailout]

The reality is it depends on the car lender. If the car lender figures out the buyer is in bankruptcy or cares, they may make you get permission. If the car lender doesn't care or doesn't catch you are in active bankruptcy, they will allow the deal to go through. However, the letter of the bankruptcy law is that you must seek permission from the court to incur debt during an active chapter 13 bankruptcy. The reason being is that your income is still, technically, under the control of the bankruptcy estate.

[@thomasstewart655]

Nice video ill definitely give a try because im trying to purchase a motorcycle while under 13