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 Im behind in my car payment should i give it back and? |
| buy this car i can get around in from my friend that i work with and have a my money so i can really live or should i try to catch up my car note that will take a while or pay $600 for this other car ... |
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 How to cash a cheque without holding a bank account? |
| My boyfriend has a problem with his wages cheques. Before he changed his job, he was paid on my bank account (different surname) without any problems, because he hasnt got his own bank account. Now ... |
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cm_greer | Friend filing chapter 13 bankruptcy and just bought a 2007 fully loaded suburban!!!!? |
Ok, I have this friend who has gotten herself and her hubby in major debt. She has since talked him into filing bankruptcy. They talked to a lawyer and have decided to file chapter 13. She had a nice Tahoe that would have been paid off in 1 1/2 yrs and he has a 2005 truck. Since they are filing on their vehicles also she decided they should just get a new vehicle so they went and traded in the Tahoe for a 2007 fully loaded Chevy Suburban, which they are planning on adding into their bankruptcy. This does not seem right to me. I thought the idea of filing was to get out of debt and to help your financial situation, how can they do this, is this legal????? |
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Bonny K
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A chapter 13 bankruptcy 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.
The court sets up a payment plan and during that time you can't get credit cards or a loan without the prior approval of the trustee and/or court.
So, with that in mind, they'll have to get the court to agree to add this into the payment plan and approve the purchase. I'm not sure if this can be done after the fact ... although from your message, it looks like they have ... <?> |
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Yanswersmonitorsarenazis
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It's legal, as long as they intend to pay back the new loan, which they will have to if filing Ch. 13.
However, it is beyond stupid.
I would bet that they fail out of their bankruptcy and it gets dismissed because they can't keep up with their payments. They obviously have a very skewed sense of what is financially intelligent.
Then they'll have their nice new Suburban repo'd, and owe even more money, and won't qualify for bankruptcy relief again since they screwed it up the first time.
Don't be surprised if they have financial difficulties 10 years from now. They clearly can't learn the lessons. |
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bueko
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Sounds like fraud in a sense, I don't know much about law though :) |
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Strange Days
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That is just wrong,too bad theres not somewhere you can report them. |
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Mike
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Sounds like fraud to me.. although I am not an expert. |
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SirSmartAzz
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It is legal to include all your debts, but a chapter 13 is a reorganization where they will have to repay all creditors, chances are your friend will later convert the chapter 13 to a chapter 7 and try to get out from under all debt. IF the purchases was made in anticipation of Bankruptcy then the creditor who sold them the car can attempt to opt out of the bankruptcy when and if it is converted to a chapter 7. All purchase made within 90 to 180 prior to a bankruptcy filing are or can be scrutinized.
Does that help at all? |
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Kaska
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Ask her if she really thinks she will get this vehicle "for free"? What she is doing is ruining her chances to get her bankruptcy released. And if she does get it for "free" we all need her lawyer. Not gonna happen. Bankruptcy and expensive vehicle purchases would be at an all time high. |
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Grandma of six
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They may file but the judge may not grant the bankruptcy, they will check all financial accounts and they will have to give the car back or will have to pay it off, Poor fools. I filed a bankruptcy and It was a great burden off my sh oulders, but we payed off our car, and only lost our home. It has been two years now and our credit is wonderful. We qualify to buy another home but the interest rate is much higher than other folks, plus we like renting for now. we are going back to school to make better choices and we will survive. |
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Melanie P
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That is illegal. Especially if they already filed the papers of bankruptcy. They cannot add on any new debt to their already filed papers. Her lawyers probably would advise her that they cannot add any new debt, if that fell through, this is very illegal. Tell someone who can do something. That is very unfair to people who are busting thier butts to make ends meet and their own car payments. |
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skahhh
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Sounds like fraud by your description. We taxpayers pay for that. I would think they would take that vehicle in bankruptcy, but who knows today? Must be some other circumstances you are not aware of. Maybe the vehicle is a business vehicle or vice versa and not related to the impending bankruptcy. Remember corporations are not part of a personal debt. |
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Pluto
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You have a loser friend, they are trying to outsmart the system, but do you really think it'll work? There are lots and lots of people who are much smarter than your friend who run the system. They will get what's coming to them. |
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