I live in FL and have filed for CH 13 and I just made the last payment . Can I trade in my vehicle for another one , I do not have to take a loan out . I will not incur any additional financial burden. Any out money will come from savings that I had managed to save in the past 3 yrs. Is this ok to do so?
Answer
If you are represented by an attorney you really should ask them for advice specific to your case. However, generally speaking, I advise my clients to wait until after their BK has actually been discharged. Just because you have made the final payment doesn't mean you are completely finished with the reporting requirements to the court and trustee. While you are in bankruptcy you are required to report acquisition or disposal of assets subject to the bankruptcy estate.
Depending on which district you are in, and if you have filed and met the post confirmation conditions, you can expect a discharge in 20-30 days after you have filed the Request for Discharge. If you are pro se you need to review the requirements and conditions to receive discharge and make sure you have or will comply with all of them. If you are represented you should follow up with your attorney to ensure these tasks are completed.
Good luck, and congratulations on completing the BK Plan. Not everyone is able to do it.
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