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Depends. Some dealerships won't even look at you if you have bankruptcy in your credit history. Others might, but it usually comes at the cost of high interest rates.
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∙ 10y ago
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How long after a chapter 7 bankruptcy can someone get a car lease?
You can get a car lease immediately after filing for Chapter 7 bankruptcy. Since it would be a post-petition debt, there is no waiting period provided that you qualify income wise. Some lenders may require you to have a discharge, however, it is not required under the law to lease post-filing.
Does having a car in repo effect filing for bankruptcy?
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
What is schedule g in bankruptcy filing?
Schedule G represents Executory Contracts and Unexpired Lease, and is used in bankruptcy filing to list all the ongoing leases and contracts of the party in question
If you lease a car and file for bankruptcy what happens to the car?
You will most likely still owe on the lease but the balance due might be dischargeable. But you will for sure lose the car. A bankruptcy attorney will be able to tell you for sure.
Can you cosign for a car if you are filing for bankruptcy in the future?
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
Can you lease a car in an open chapter 13 bankruptcy plan?
Yes
How can one get a car loan after filing bankruptcy?
To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.
You are filing for bankruptcy and the car is in your name only for insurance purposes and you use it to take your disabled mother about Can it be taken in bankruptcy?
No!
Can you receive a car accident insurance settlement after filing a Chapter 13 bankruptcy if the accident happened after the filing?
Yes
Can you terminate a commercial lease by filing bankruptcy?
Yes and no. A TENANT can terminate a commercial lease by filing bankruptcy. Under Section 365(b) of the Bankruptcy Code, a tenant has 120 days from filing a bankruptcy petition to either assume or reject the lease. This can be extended once by 90 days, with court permission. Unless the tenant files a timely motion with the bankruptcy Court to assume the lease (and cures past defaults and provides "adequate assurances" of future performance), the lease will automatically be deemed rejected. If the lease is at an above-market rental, or otherwise disadvantageous to the tenant, the tenant should surrender possession and bring an earlier motion to reject the lease. If the lease is at a below market rental, the tenant should consider assuming the lease and assigning it through bankruptcy. Under Bankruptcy Code Section 502(B)(6), the tenant will still be liable to the landlord for damages for early termination of the lease, but these damages are subject to a "cap" equal to 15% of the value of the unexpired lease term - not to exceed three (3) years rent. The landlord wil have an unsecured creditor's claim for these damages, and will share equally with all other unsecured creditors in the bankruptcy. If a tenant continues to occupy the premises after the bankruptcy filing, the landlord will have what is known as a priority "administrative" claim for the rental value during that period, and will be given preference over other general unsecured creditors to recover those amounts. A tenant's bankruptcy will not terminate liability under any personal guarantees given in connection wit the lease, unless the guarantor also files for bankruptcy. Depending on how the lease and the guaranty are structured, the guarantor may not be able to claim the benefit of the "cap" on damages. A LANDLORD may not unilaterally terminate a commercial lease by filing bankruptcy. Under Section 365(h) of the Bankruptcy Code, a tenant whose landlord has filed bankruptcy has the option to either treat the lease as terminated and vacate the space or to remain in possession (and continue paying the rent) for the balance of the lease term (including any extension options, if timely exercised by the tenant). There are many subtle nuances and exceptions to these basic rules and a party to a commercial lease should seek the advice of competent counsel before taking action to terminate that lease.
If you use your car for your job can you get a loan to buy your car out of a lease now before you file for bankruptcy or is this illegal?
I believe you can if you are not thinking of filing bankruptcy before you get the new loan (hint-hint), or if some other transaction(s), after the new loan, makes you default and then you need to file bankruptcy. Paying off the lease will not make the vehicle immune to BK action. Actually it may make it more succeptible for seizure by the BK trustee if the allowed exemption does not protect the vehicle.
