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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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An individual debtor with mostly consumer debts plans to file

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An individual debtor with mostly consumer debts plans to file bankruptcy within the next few days. Yesterday, he purchased a car for $4,500. For that transaction, he put $800.00 down and the auto dealer took a note for the rest. Would the $800.00 down payment need to be reported on question 3a of the SOFA? With it being so close to petition filing, are there any other issues that could come up with this transaction.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.


Terry L. :

Yes.Combined payments over $600 need to be reported there that were made over the previous 90 days.

It won't affect the case.


Terry L. :

Shouldn't be any issues as long as the vehicle was reasonable and necessary and intent is to reaffirm the debt.


Terry L. :

Do you have any other questions?


Terry L. :

It appears you have stepped away. Any other questions, just let me know.





Thank you!

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