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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34057
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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My husband and I are in an active Chapter 11 bankruptcy. We

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My husband and I are in an active Chapter 11 bankruptcy. We have been filing MOR reorts and we are less than a week from filing our plan. We have successfully retained al of properties and renegotiated with our creditors. We are in a strong position to have our case dismissed and gain control over our properties now with new, low interest rates and "crammed down" mortgages.

the engine on my 2003 350ZX vehicle blew out last week. The car was paid for a couple of years ago before we filed. I come from a family of car dealers who have been in the car business for 80 years, so I am very comfortable going online and finding a vehicle that wil give me instant equity. I also explored lease takeovers.

My lawyer, who is very good at what he does, told me to hang out until the plan is filed, and if I could, until the plan is confirmed. However, the rental car companies are charging me an exorbitant $300.00 per week for a basic, economy rent-a-car because I only have a debit card, instead of a credit card.

I can hang ut for another week at this rate, but do you have any solutions, other than asking the courts to approve a payment for a low-line Yaris?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 1 year ago.
Hello,

I assume that you are not the debtor-in-possession, acting as your own trustee, in your Chapter 11, and that a trustee has been appointed by the court. If yes, then you would need the trustee's consent to purchase or lease a vehicle, and you probably won't get that, unless you can show the trustee that your purchase/lease won't impair your unsecured creditor's interests. If no, then you don't need anyone's consent, assuming that the vehicle does not impair your unsecured creditors' interests.

To be frank, if I were in your shoes, I would ask a friend or relative to let you borrow a vehicle until the plan is confirmed -- or let you use their credit card, and make you an additional driver on the rental. Of course, you can pay for your use, after you've dismissed the Chapter 11.

Other than that, I don't see any real options.

Please let me know if I can be of further assistance.
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34057
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and other Bankruptcy Law Specialists are ready to help you

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