Buying A Car In Chapter 13
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At The Car Connection, our goal is to remove the challenges of getting financed for a vehicle. Through technology, flexible financing options and exceptional customer service, we want to give you the power to control your car-buying experience.
An Athens bankruptcy lawyer can help your family though this process. That assistance extends beyond the legal aspects of buying a car during bankruptcy. An Athens bankruptcy attorney can also help your family with the practical aspects. So, if you need a new vehicle, you will have a reliable way to get to and from work, get the kids to and from school, and take care of other everyday items.
A brief note about Uber and bankruptcy. Ridesharing companies no longer offer financing or leasing assistance. However, they do offer rental assistance, even for new drivers who are in bankruptcy. This option might make more sense than buying a car in some cases.
Replacing your car while in a chapter 7 or chapter 13 bankruptcy case is a smart way to boost your credit score almost immediately. Call us at 919-429-7285 or continue reading for more details about buying a used car during bankruptcy.
At Matthews Motors Clayton, we work with an array of bankruptcy attorneys across North Carolina, South Carolina and Virginia, as well as with some of the biggest banks in the country that specialize in auto financing for people in bankruptcy cases. Thanks to our expertise and over a decade of experience with bankruptcy situations, we can help provide a true \"fresh start\" to people facing chapter 7 or chapter 13 bankruptcy. If you are an active duty or veteran of the U.S. Military that's in bankruptcy and you need to get a vehicle, then contact us for specialized assistance for your situation.
If you are in chapter 7 or 13 bankruptcy, and in need of a car, pickup truck or SUV, then don't hesitate to call us. The team at Matthews Motors Clayton is here to help you get a quality vehicle, and drive it into a better future. Call us at 919-429-7285 to learn how you can find your fresh start today.
Did you know that replacing your car while in a chapter 7 or chapter 13 bankruptcy case is one of the best ways to boost your credit score almost immediately Bankruptcy is truly a fresh start for many, and replacing your car while in bankruptcy can be a big part of that. We at Matthews Motors of Goldsboro are here to help you buy a car in any financial situation, including bankruptcy. Call us at 919-752-3042 or continue reading below for more details.
It is not the act of simply buying a car that benefits you while in bankruptcy. What helps is that you replace your current car with a more affordable model, and start rebuilding your credit. Choosing to replace your car while in a bankruptcy case is a great way to begin re-establishing your credit and improving your financial situation. Unlike re-affirmation or redemption, which do nothing to improve your credit rating, replacing your current car can help your credit. Replacing your auto while in bankruptcy can have the following benefits:
Here at Matthews Motors we have been helping people in bankruptcy buy cars and rebuild their credit for over 10 years. We have countless success stories about customers who have begun to rebuild their finances through buying a car while in bankruptcy. After time, they built their credit using that car loan, and were able to rebuild the rest of their finances on that foundation. We are known as the \"Walking Man's Friend\" because we are passionate about helping people find a great deal on a car. This includes people in all different financial situations, including chapter 7 and chapter 13 bankruptcy.
In addition to our decade of experience, we also have the tools and processes in place to help you buy a car in chapter 13 bankruptcy or chapter 7 bankruptcy. We work with several different banks who specialize in bankruptcy financing for chapter 7 and chapter 13 cases. These relationships allow us to ensure that we can find the right financing for everyone. We also work with bankruptcy attorneys in multiple states to stay up to date with the latest changes to bankruptcy law. We know how the bankruptcy process works, and that buying a car can be an important part of that process. Plus, with our incredible inventory of used cars in Goldsboro, we can find a car that you like, and that works with your specific financial plan.
If you're considering buying a vehicle without taking out a car loan, you should review your bankruptcy exemptions to make sure it will be safe in Chapter 7 bankruptcy. Most states have a motor vehicle exemption that allows you to protect a certain amount of equity in your car. If you can't fully exempt the value of your car, a Chapter 7 bankruptcy trustee might be able to sell it to pay your creditors.
If you have a hard time qualifying for Chapter 7 bankruptcy without the car ownership deduction, financing a new car prior to filing your case can raise a red flag. At your meeting of creditors, the trustee will typically ask you detailed questions about why you purchased the car. Unless you have a good reason for buying the car (such as to replace a broken down vehicle), the trustee could argue that you abused the system and bought the car solely to qualify for Chapter 7 bankruptcy (or to pay less to your unsecured creditors in Chapter 13).
In our experience, the two items that raise the most questions are cars and homes. What if your car stops working and you need a new one What if you have a lease agreement that ends before your case does How do you get out of your current vehicle and into a new one What if want to refinance or sell your home What about buying a home These situations will likely require the approval of the court if you are seeking to take on new debt in excess of $1,000.00.
I often recommend that a bankruptcy client (who needs a car) buy a car prior to filing as the additional monthly expense of a car loan can allow the debtor to either pass the chapter 7 Means Test or lower an existing chapter 13 monthly plan payment.
Individuals and families who file Chapter 7 bankruptcies have often been forced to sell their cars to repay their debts, or had the vehicles repossessed for non-payment on their car loan. That can make getting to work challenging, especially in Metro Detroit where public transportation is limited. If you need to drive to keep your job, you may be debating buying a car before Chapter 7 discharge. If you do, here are some things to consider.
If you are anticipating needing bankruptcy, you may consider making big purchases -- like buying a car -- before you file your bankruptcy petition, so that the balance will be included in your Chapter 7 discharge. If you are worried about losing the vehicle to bankruptcy, you might even ask a family member to buy it for you, promising to pay them back for buying the car after the bankruptcy is over.
Before visiting a dealership or a car-buying website, perform some do-it-yourself ego repair work. With your obligations liquidated, discharged, or satisfied, as a post-bankrupt consumer you have a shot at financial renewal. So, your credit score is in the basement. Think of it as the foundation from which your future score will soar.
The most advantageous move is to go to your bank or credit union and seek preapproval for an auto loan. They may surprise you and present conditions and interest rates that make the car-buying experience much easier.
An experienced bankruptcy attorney can help you decide if buying a car before or after filing for bankruptcy is in your best interests. If you live in northern Utah, turn to the Law Office of Davis & Jones, P.C., for expert advice.
Chapter 13 bankruptcy creates a three to five year repayment plan. This gives the debtor the opportunity to reorganize and pay back a portion or all of their debt over time. However, three to five years is a lengthy commitment. While in Chapter 13 bankruptcy you must make an agreed upon monthly plan payment to the bankruptcy trustee and you must ask the bankruptcy court permission to purchase a car while in chapter 13.
In Florida, there are two chapters of consumer bankruptcy that an individual normally files: 7 and 13. Chapter 7 will quickly and easily wipe out your unsecured debts such as credit cards and personal...
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period \"for cause.\" (1) If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. 1322(d). During this time the law forbids creditors from starting or continuing collection efforts.
This chapter discusses six aspects of a chapter 13 proceeding: the advantages of choosing chapter 13, the chapter 13 eligibility requirements, how a chapter 13 proceeding works, making the plan work, and the special chapter 13 discharge.
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on \"consumer debts.\" This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection. 59ce067264
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