I am hoping for some advice. I just filed Chap 13 and will be keeping my car and house. I am not late on either one but have an investment property included in the BK and all of my CC's. I have not had the court visit yet and I don't know how much my monthly payments are going to be yet (meet with my attorney tomorrow). My question is this. Depending on how much I have to pay each month, I am anticipating I may have to get rid of my car because I won't be able to afford the high payments. My attorney keeps saying it will all be worked out but I am anticipating having to get another car. I know that this will be at least 3 years and that I probably can't get new credit for a long time. Does anyone know if I will be able to negotiate with a car dealer for a different car with lower payments before 3 years are up and probably within the next 6 months or so?
Hello bk2009, With your trustees approval you can get another car if your plan can handle everything . I use to work in special financing at an car dealership and we did it all the time. You will still need the down payment and your choices will be limited but it is possible to get a decent auto. Your bk plan may also be extended if you are not already set up to go the full 60 mo. Good Luck !!