Motions to incur debt in Ch 13 (Car loans)
Posted: Fri Mar 13, 2015 7:58 pm
In the prayer you can probably add and get away with:
(4) if said Car is no longer available for sale, Debtor is authorized to
purchase a comparable vehicle so long as the terms of the new purchase
agreement do no vary by more than 10% of the purchase price.
Sincerely,
*Michael Avanesian, Esq. *AVANESIAN LAW FIRM
101 N. Brand Blvd., PH 1920
Glendale, California 91203
Tel: 818.276.2477 Fax: 818.208.4550
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
for the purpose of (i) avoiding penalties under the Internal Revenue Code,
or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed herein.
On Fri, Mar 13, 2015 at 6:45 PM, Nicholas Gebelt ngebelt@gebeltlaw.com
[cdcbaa] wrote:
>
>
> Dear Cliff,
>
>
>
> This is a problem because it takes so long to get approval especially in
> certain courts, where the order might not be entered for a couple of
> months.
>
>
>
> I simultaneously file two motions: One for authority to incur the debt,
> and the other to modify the plan to reduce plan payments to account for the
> new car loan payments. The amount by which the plan payments have been
> reduced is the amount the debtor has to make the car payments. If the
> dealer sold the first car, the debtor can get a comparable car with the
> same payments. While it doesnt follow the letter of the orders, it
> certainly complies with their spirit. You might include a statement in the
> motion to incur debt such as: If the dealer sells the desired car before
> the Court grants this motion, then Debtor respectfully asks the Court to
> permit Debtor to buy a comparable car of the same price with the same loan
> terms.
>
>
>
> If it looks like there wont be any push-back on the motions, you can have
> the debtor begin the loan and purchase process while waiting for the Court
> to enter the orders. The orders then serve as rubber stamps on the already
> consummated purchase.
>
>
>
> In the alternative, if the debtor can borrow from a 401(k) plan to buy a
> car, then get the Court to approve a 401(k) car loan, with a statement
> from the plan administrator laying out the terms of the loan to buy a car
> of a specified value, with specified monthly payments and interest rate.
>
>
>
> All the best,
>
>
>
> Nick
>
>
>
> *Nicholas Gebelt*
>
>
>
> Nicholas Gebelt, Ph.D., J.D.
>
> Attorney at Law
>
> Certified Bankruptcy Law Specialist State Bar of California Board of
> Legal Specialization
>
> Commissioner, California State Bars Bankruptcy Law Advisory Committee
>
>
>
> [image: Description: Description: Description:
> cid:image003.jpg@01CC076B.B14D73C0]
>
>
>
> Law Offices of Nicholas Gebelt
>
> 15150 Hornell Street
>
> Whittier, CA 90604
>
> Phone: 562.777.9159
>
> FAX: 562.946.1365
>
> Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
>
> Web: www.goodbye2debt.com
>
> Blog: www.southerncaliforniabankruptcylawblog.com/
>
>
>
> *Important notice required by 11 U.S.C. 528:* We are a debt relief
> agency. We help people file for bankruptcy relief under the Bankruptcy Code.
>
>
>
> *Confidentiality Note*: This e-mail is intended only for the person or
> entity to which it is addressed and may contain information that is
> privileged, confidential, or otherwise protected from disclosure.
> Dissemination, distribution, or copying of this e-mail or the information
> herein by anyone other than the intended recipient, or an employee or agent
> responsible for delivering the message to the intended recipient, is
> prohibited. If you have received this e-mail in error, please notify us
> immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the
> original message and all copies.
>
>
>
> *Representation Note*: If you have not signed a contract of
> representation, the Law Offices of Nicholas Gebelt do not represent you,
> and this email does not contain any legal advice for you.
>
>
>
> *IRS Circular 230 Disclosure: *In order to comply with the requirements
> imposed by the Internal Revenue Service, we inform you that any U.S. tax
> advice contained in this communication (including any attachments) is not
> intended to be used, and cannot be used, for the purpose of (i) avoiding
> penalties under the Internal Revenue code, or (ii) promoting, marketing, or
> recommending to another party any transaction or matter addressed herein.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Friday, March 13, 2015 6:29 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Motions to incur debt in Ch 13 (Car loans)
>
>
>
>
>
> I have had this happen twice now:
>
> 1. Debtor in confirmed plan needs to buy a car to replace broken-down
> vehicle.
>
> 2. Debtor provides me with a copy of the proposed terms, including
> vehicle make and model.
>
> 3. I file the motion for approval. 17+ days later, Order approving
> motion is entered.
>
> 4. Debtor goes back to dealer, only to find that car has been sold.
>
>
>
> Is there a simple way to get around this? What are others doing? I tried
> to file a motion requesting authorization to borrow "up to $20,000" at "up
> to 8% interest" for "a loan term not to exceed 5 years," but the court
> would not approve it for lack of specificity.
>
>
>
In the prayer you can probably add and get away with:tor is authorized to purchase a comparable vehicle so long as the terms of the new purchase agreement do no vary by more than 10% of the purchase price.
The post was migrated from Yahoo.