Close to completing my Chapter 13 and have a few questions

[Anonymous]

Hi-

I filed for a chater 13 bankruptcy in March of 2005 due to divorce.  My plan was affirmed to run for the longest amount of time possible (5 years).  After a year or so I was tired of the fight and I sold my home with the proceeds going to the trustee.  At that time my plan was modified and shortened to 3 years which puts me very close to being done with this nightmare.

Anyway,  I have a few questions that I would like to ask here:

How long does it take to get a discharge from a chapter 13 after the timeframe of 3 years is up.  And, how long afterward does it show on your credit report that debts were discharged?  Also, does a discharge negatively impact my FICO's?

In my chapter 13 I did include my truck  and through all of my payments to the Trustee I have paid the truck off and now hold the title.  Will this effect my ability to buy a new car?  I have seen conversations of Autofico that may differ from your regular FICO and would like to know more about that as I would like to buy a new car soon after my discharge.

In regards to purchasing a new car, how much does my annual salary play a part in that?

Starting this year my annual salary is now about $60,000 a year and my FICO's are as follows:

EX: 646

TU: 642

EQ: 625

Do I have a shot in hell of getting an auto loan?

Thanks a bunch, I love this forum!!

J

[granny031350]

congratulations on almost being done.  I too, am finishing up my chapter 13 as well.  Your scores are pretty good actually.  You will just want to be sure everything that was IIB states as such on your credit report.  I think you should be able to get an auto loan with those scores. Many here recommend checking out your local credit union or bank to start with.  Try to stay away from the high interest lenders.  And of course just pay all your bills on time and rebuild your credit. 

[Anonymous]

Thanks granny.  I will give it a go once my BK is discharged,,,,I can't wait.

[Anonymous]

Hi in Sept of 07 received a letter that I had fulfilled all my payments to my Chapter 13 -1 1/2 years early...was on a 5 year plan. In October I was sent a letter with a court date regarding my discharge and that if no creditors had a objection that I would receive a discharge. In Nov my case was presented to the court and we received a discharge...in Dec my employer FINALLY quit sending my trustee money.....the hefty refund check was nice at Christmas. I haven't gotten a car yet but a friend of mine did the day after discharge with no problems of course her payments are not what I would call economical...but gotta have wheels right? Hope this helps. Congrats.

[Anonymous]

BTW you will start getting pre approval letters for cars about two weeks after the official discharge...dealerships watch the dockets for discharge and get a hold of your name...threw all of mine in the trash...but that shows you that getting a car should not be too hard.

[Anonymous]

Thanks Wildcat.  Can't tell you how nice it is to hear from folks (like you and granny) that have went through the chapter 13 process.  Thank you so much much for sending your message.

I really appreciate hearing about the positives coming out of something like this.... With all of my reading I have heard that about only 12- 20% of pepole that file a chapter 13 petition actually make it all the way through.  I congratulate you (and granny).  It is no small feat at all and I can't wait to be done.

Best or wishes to you,

John

[Anonymous]

Thanks ...I will tell you that having it taken out of my paycheck is probably what helped us keep with the program.....that and we had 40 pages of bills that was put on that puppy I sure didn't want anyone to be able to come back on us for any of that stuff. I still laugh at my mom...she assumed that if you have health insurance that everything is taken care of...to this day she thinks I charged 242,000 on credit cards....GEEZ!!!!