Can I buy a big rig truck to run as a bussiness truck in a Chapter 13?

[flowerutah]

Hi 

I did a chapter 13 bankrupsty a year ago still paying on the payments, I was just wondering if I could buy a big rig truck with credit to use it as a truck to run up in the oil fields in north dakota, There is great money to made up there, I could better my family life if I could do this... 

My last payment will be the Jan 2013

[MarineVietVet]

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@flowerutah wrote:

Hi 

I did a chapter 13 bankrupsty a year ago still paying on the payments, I was just wondering if I could buy a big rig truck with credit to use it as a truck to run up in the oil fields in north dakota, There is great money to made up there, I could better my family life if I could do this... 

My last payment will be the Jan 2013

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From what I understand (could be wrong and confirm this with your BK lawyer) any new credit has to be approved. But on something this important don't take mine or anyone else's opinion. Talk to a lawyer to be sure.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

That's my understanding as well.

You'll be asked to appear in front of the trustee with documentation for approval of the purchase.

Failure to do so will likely result in dismissal of the CH 13 BK -  you don't want that.  All your creditors will then be able to come after you full force, with lots of interest and fees attached to their current balances.  That's a big ouch.