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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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aye, I forget a question yesterday. My wife was thinking about

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aye, I forget a question yesterday. My wife was thinking about purchasing a car before before this latest foreclosure date came, would this interphere with the ch-13
Hi JACustomer,
Would your wife be purchasing the car outright? Or would she be paying it off?
Customer: replied 4 years ago.
getting a loan to pay it whats the diff
Customer: replied 4 years ago.
hey never mind

If your wife will be financing the car, that would be good, because paying the car loan will result in less money going to other creditors, and will not interfere with the Chapter 13. This is because car loan payments are subtracted from your income before arriving at the total amount that has to be paid to the Bankruptcy court each month for your Chapter 13 plan payment.

If the car was being purchased outright, there would be no car loan payment to deduct from your monthly Chapter 13 plan payment.

 

I think this is what you wanted to know. If not, please let me know.

Thank you.

cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
also if i choose to not make this months credit card payments and file ch 13 late august is there an issue

Once you decide to file a Bankruptcy - regardless of when you will be filing - you are supposed to stop paying your credit card bills. This is because if you pay more than a certain amount to any one creditor, the Bankruptcy court can take that money back.

So, no - there would be no problem if you stop paying your credit cards.

cfortunato and 2 other Bankruptcy Law Specialists are ready to help you