buying a used car

« on: October 10, 2010, 11:00:50 AM »

lovelybrum
Newbie

Posts: 3

I have a question, I am voluntarily surendering my car its payments $500 a month for another 2 years are more than its worth, I told my trustee I was offerd a car for $1000 but I have since found out it needs work. I travel alot with my work so need a reliable ride, my brother has offerd me his 2002 hyundai for $2500 it is in great shape as he is very fussy with it and he will give me the winter tires too. My brother will let me pay him back at $250 a month do you think this will be ok with the trustee? This is my first couple of weeks in Bankrupcy .


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Re: buying a used car

« Reply #1 on: October 10, 2010, 03:23:29 PM »

JEC
Full Member

Posts: 172

From what I''ve read about a Bankruptcy, one has to submit an expense sheet every month showing where you've spent every penny for that month. I believe that this expense reporting also determines the length of BK, and surplus income calculation.

You would have to report that you're giving your brother that money every month. You're best to ask your trustee before you set anything up with your brother just in case it is considered a debt and preferential treatment. You don't want anything to go wrong.

Hope it works out for you!!


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Re: buying a used car

« Reply #2 on: March 16, 2011, 11:12:29 AM »

deeski
Newbie

Posts: 21

If you have surplus income each month and your payments to the trustee are properly submitted, any leftover surplus income is yours to spend as you see fit.


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Re: buying a used car

« Reply #3 on: May 16, 2011, 10:35:09 AM »

Lilly83
Jr. Member

Posts: 81

My only thing would be to check if the transfer of the car to your name would effect anything, or if it's considered an asset etc. He can easily gift you the card, or perhaps keep it in his name until you are out of bankruptcy.


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