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  1. #1
    Join Date
    Jul 2010
    Location
    CA
    Posts
    7

    Question New Car Loan While Under Chapter 13

    My question involves bankruptcy in the state of: California

    We (my wife and I) are currently under Chapter 13 plan for over a year now. We have a car loan (established before Chapter 13 filing) that we have been paying separately. The car loan is for over $500 a month for a vehicle that gets poor gas mileage. We are asking the following question to make expenses more manageable.

    Our question: If we trade-in our current car for a vehicle that's cheaper and gets more gas mileage, will the Trustee/court re-assess our status? Meaning will the Trustees re-evaluate what we should be able to afford to pay under our Chapter 13 plan?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: New Car Loan While Under Chapter 13

    You mean, if you have more discretionary income as a result of the new car loan that involves a lesser payment, one year into your Chapter 13 repayment plan, can the trustee consider that increase in relation to how much you should pay your creditors? Yes.

  3. #3
    Join Date
    Jul 2010
    Location
    CA
    Posts
    7

    Default Re: New Car Loan While Under Chapter 13

    Thank you for the reply.

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