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05-07-2007, 11:38 PM
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 Trade in a vehicle under bankruptcy?
Can you trade in a vehicle that is under bankruptcy chapter 13? I have a friend who filed chapter 13 about a year ago and she added her vehicle to it and now she want to get another vehicle since she has worked out her money issues. She wants to know if she can trade in her vehicle for another.
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05-08-2007, 10:05 AM
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The same law that gives her protection from seizure and loss also has some prohibitions. Have her check with the court before she sells it or she could find herself in trouble. Prob. there is no problem, she simply has to get authorization from the Bankruptcy judge.If she does not, then, in theory, any of her creditors could seize THAT car because it is not protected under the action. Likewise, if the creditors complain to the judge about her not paying her bills but buying a new car. THAT is a tough one to explain especially if the judge says something like 'she WHAT???'
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