Finance central air while in a 13

[Anonymous]

I have no idea what to do. I'm 2 years into a Chapter 13. My HVAC (heat and the air) has been determined, by several service companies to be unfixable and the system needs replaced. Are their any financing companies that work with a open 13? My trustee will give written approval to obtain a loan for this. Has anyone ever been in this situation? Any suggestions will help and be greatly appreciated.  

 Also.... I don't know what to do or how to go about rebuilding any credit during this bankruptcy. 

[NimbusIII]

Tough spot, not sure of the parameters of your bankruptcy and if they allow you to take on any debt.  I would suggest however calling evry A/C place and see if they finance what they install.  Some do and some don't but you may find one that does in house financing. Hopefully some of the others will add additional suggestions. 

As far as rebuilding head over to the BK and rebuilding section and lay all the chips on the table and everyone will help you get back on track.

[FireMedic1]

You can borrow against the difference between your home's value and what you owe on it with a home equity loan or home equity line of credit. A home equity loan is a one-time draw, while a home equity line of credit works like a credit card. Your loan is limited to 75 percent to 80 percent of the equity. If you have $10,000 in the home, you can use up to $7,500 to $8,000 to buy the system. You pay less interest with loans against your home than dealer or store-connected credit cards. Borrowing against your home makes your HVAC purchase tax deductible.

[Anonymous]

Thank you! I've thought about that, but didn't know if that was possible while in a Chapter13. And my house is included in the repayment plan for current payments and past payments I was behind on. 

Just not alot of info on here regarding chapter 13. 

[Anonymous]

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@NimbusIII wrote:

Tough spot, not sure of the parameters of your bankruptcy and if they allow you to take on any debt.  I would suggest however calling evry A/C place and see if they finance what they install.  Some do and some don't but you may find one that does in house financing. Hopefully some of the others will add additional suggestions. 

As far as rebuilding head over to the BK and rebuilding section and lay all the chips on the table and everyone will help you get back on track.

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THIS

Happened to my folks in their 13. They found a local company that financed in-house and didn't even pull their credit. The interest and payment were fair and it was a LIFESAVER.

[luvsandyshores]

I had a difficult time.  In the end, one of the companies got me financing through a Wells Fargo Home Projects loan, which can only be used for the purpose and company stated in the application.  WF didn't approve me for enough to cover the new system though, so the HVAC company ended up just doing the minimum repairs they could to keep the system going.  Knock on wood, the system is still running almost two years later.  Bonus-the loan had an interest-free intro rate!