Comments on: Filling Bankruptcy and need to purchase a vehicle in which I intend to keep? http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/ Tue, 25 Oct 2011 06:01:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Michael J. McCulley, Esq. http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/comment-page-1/#comment-25875 Michael J. McCulley, Esq. Sat, 30 Jan 2010 00:48:32 +0000 http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/#comment-25875 This is a somewhat complex question, and I do not have all of your facts. The answer depends on whether you are filing for Chapter 7 or 13 relief. If you buy the vehicle prior to filing, you will have the choice of whether to retain or surrender it. If you buy it after you file, and before you get a discharge, such as in the case of a Chapter 13, then you will need the court's permission. However, the argument can be made that you need the vehicle for an effective reorganization. The other person who said that the bankruptcy court can undo transactions prior to filing is partially correct. However, in this case, since you want to keep it, you aren't trying to get a discharge from the debt, so that shouldn't be an issue for you. Please contact me if you would like to discuss this matter further. I recommend you get an attorney to discuss the particular facts and circumstances of your matter. -Mike McCulley
This is a somewhat complex question, and I do not have all of your facts. The answer depends on whether you are filing for Chapter 7 or 13 relief. If you buy the vehicle prior to filing, you will have the choice of whether to retain or surrender it. If you buy it after you file, and before you get a discharge, such as in the case of a Chapter 13, then you will need the court’s permission. However, the argument can be made that you need the vehicle for an effective reorganization.

The other person who said that the bankruptcy court can undo transactions prior to filing is partially correct. However, in this case, since you want to keep it, you aren’t trying to get a discharge from the debt, so that shouldn’t be an issue for you.

Please contact me if you would like to discuss this matter further. I recommend you get an attorney to discuss the particular facts and circumstances of your matter.

-Mike McCulley

]]> By: magic_ice_man1 http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/comment-page-1/#comment-25874 magic_ice_man1 Wed, 27 Jan 2010 07:28:58 +0000 http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/#comment-25874 Anything you purchase on credit in the 6 months prior to filing bankruptcy can be challenged by the court. I wouldn't do it if I were you.
Anything you purchase on credit in the 6 months prior to filing bankruptcy can be challenged by the court. I wouldn’t do it if I were you.

]]> By: Pam http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/comment-page-1/#comment-25873 Pam Tue, 26 Jan 2010 23:24:33 +0000 http://creditopics.com/creditbuzz/personal-finance/filling-bankruptcy-and-need-to-purchase-a-vehicle-in-which-i-intend-to-keep/#comment-25873 Generally the courts expect you to have transportation so you can get back and forth to work. They won't expect you to have anything extravagant. I'd suggest scheduling a consult with a bankruptcy attorney. Usually they will do the first meeting for free and answer your basic questions. The bankruptcy laws changed a couple of years ago so it is best to talk with someone in the biz.
Generally the courts expect you to have transportation so you can get back and forth to work.

They won’t expect you to have anything extravagant.

I’d suggest scheduling a consult with a bankruptcy attorney. Usually they will do the first meeting for free and answer your basic questions.

The bankruptcy laws changed a couple of years ago so it is best to talk with someone in the biz.

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