What would you like to do?
Perhaps, but the terms will not be favorable, most especially the rate of interest. It is also a requirement when in a Chapter 13 repayment bankruptcy, that all major financial transactions have the apporval of the bankrutpcy trustee.
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No--one- the lenders will see the bankruptcy and ask for the discharge date, and two if the bankruptcy court finds out you are applying for credit--this could stop the whole …procedure. ACTUALLY: YES you CAN! we have multiple lenders who will give you a car loan while your bankruptcy is open. Chapter 7 or 13. In a Chapter 13 you will need the trustee and judges permission. Go to www.WashingtonAutoCredit.com to learn more.
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Answer If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
Answer If you are asking if you can get a loan due to credit issues, then the answer is "yes" so long as your credit score and debt-to-income ratio a…re satisfactory to a lender. If you are asking if the bankruptcy court will permit it, then the answer is "maybe." You have to petition the bankruptcy court to get any new loans during the chapter 13 case, usually by filing a "Motion to Incur New Debt" and explaining therein why you want the loan, how much it will be for, payment amount, interest rate, etc. If the court thinks it is reasonable, they will grant permission. If the court thinks it is a bad deal for you or jeopardizes your ability to pay the creditors you have, the court will deny it. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. Thanks!
Yes you can if you have a fair credit score.
The short answer is yes. Of course, BK or not, to sell a car that has a loan means you must pay off the loan. And, it is unlikely anyone will give you another now. Tha…t actually may be fine, and exactly the type of compromise your situation calls for now...at least for a while. You absolutely need to co-ordinate any financial changes like this with your trustee.
While they cannot be discharged in BK, they can be incurred. But any change in financial circumstances, any new debt, MUST be approved by the BK administrator...or not… only will your case be dropped, you would be subject to charges for breaking your agreement with the court. (You really should read the court agreement). Normally, an adminstartor wouldn't allow new obligations (you cannot borrow your way out of debt...and you already can't pay what you've got)...however if properly presented that the education/training this debt will provide means that your "fresh start" on life that BK wants to provide, would be better for all if you had the ability to work and earn more, may be favorably recieved....but I suggest presenting it that your new education is part of your own re-evaluation of needs and to avoid ever being in this situation again.
With or without a co-signer...you cannot get any loans, or change any of your financial resposnibilities (especially making new ones) without the approval of the adminis…trator of your case. Doing so, will have your case dropped and very possibly contemp of court, if not fraud charges levied...you swore in your agreement to the court to not do so. Don't you understand - that your in BK, you can't pay what you owe - you cannot borrow your way out of debt - any loan against the property you can't pay for already is using what could now go to someone else - someone else you owe - and should get paid before anyone else - but only isn't because you have legal protection while you do so?
First not without approval of your trustee...you can't change any financial things without that...by agreements YOU made to have them take control of what you couldn't handle.… And in reality, you ain't finding anyone that would loan you mone really...unless they are taking advanatge of you and charging an absurd rate or such. Finally, YOUR IN BANKRUPTCY, YOU CAN'T BORROW YOURSELF OUT OF DEBT!!! And you've shown you can't pay waht you promise you will.
It's fairly easy to buy a nice used car after you've been discharged from bankruptcy; there are companies that send mailings to these people offering them car loans. You'll …pay a high rate of interest,though. Buying a nsw car or leasing a car tends to be more difficult, but if you have an income adequate to pay off the loan, you may be able to get those, too.
Gov't insured or Guaranteed loans are not dischargable.
Assuming you mean, can you get a car loan if you are in a Chapter 13, the answer is yes. You must have a contract for the purchase and loan with all elements determined (no bl…ank spaces) and then file a motion for it to be allowed. If the payments replace a prior car loan or an existing car loan, there should be no problem. If your car loan payments would be significanly higher, you will have to amend your plan to show how you can afford the payments without affecting the plan.
Can a title loan be deducted in chapter 13 bankruptcy I have a title loan on my car and am filing chapter 13 - but the trustee is objecting based on re Ransom?
Sure the trustee is objecting. Because you are making payments on your car, Ransom v. America Bank, means the amount of money you would be required to pay would be less than i…f you did not have a title loan. The trustee wants you to pay off the loan before you declare bankruptcy. Update: I have not been making the payments - I thought the chapter 13 would be making the payments when I send the trustee my monthly payment. I supposed the questions is: is a title loan considered a secured loan. I would check the lending company to make sure they are getting the payment. I would not assume anything. I simply read Ransom. I do not trust trustees. If you walk in and pay the loan with a piece of paper and get a written receipt and send that receipt to the trustee and keep a copy, there can be no doubt. That way your car can not be repossessed and the trustee can not stab you in the back by not paying your loan. Then when your car is repossessed, he can not take the money that you would have used to repay your loan and have you use it to pay your other creditors.
Yes, they can be discharged. A chapter 13 may not be the best way to go, however. You should consider a chapter 7, if you qualify. Consult a local bankruptcy lawyer.