Bankruptcy Law

Can you buy a car and have it finance before bankruptcy discharged?


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2014-04-15 10:52:13
2014-04-15 10:52:13

Yes, you can buy a car and have it financed before bankruptcy is discharged.

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If you file bankruptcy and you have not been discharged the car that you buy can be used to finance it.

The day you are discharged you can buy a car. You need to take proof that you are discharged.

While in a Chapter 13 debt repayment bankruptcy, you must consult the bankruptcy trustee before engaging in a major financial transaction, such as the purchase of a vehicle.

Yes, as long as it is not excessive and you plan on paying it back. In other words don't buy a Mercedes if you usually drive a Honda. And any auto loan made within 910 days before bankruptcy cannot be discharged. So if you can't pay for it they can come repossess it.

When you file for bankrupt, you can wait for 2 years before u can buy a house.

Wait until the bankruptcy is discharged. Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And remember that a discharged debt is not the same as a charged-off will still owe a charged-off debt.

you must know very well that you can buy anything you want with the $$ in someone else's name. Tell your trustee that you have some sort of problem or addiction, and they would not be able to trace the $$.

The day you get your discharge paper. I do caution against that because ANY bad mark after a bankruptcy is taboo and you will not be able to finance anything for a long time.

Yes. You can buy one too. But getting a loan may still well be impossible.

The day you get your discharge paper. I do caution against that because ANY bad mark after a bankruptcy is taboo and you will not be able to finance anything for a long time.

If you buy a used car with cash before filing a chapter 7 bankruptcy, How long do you need in between purchase and filing to keep the vehicle if the vehicle meets exemption in a state?

It will probably be at least 2 years before you will be able to finance a car. More than likely , you won't be able to finance a new car unless you have a VERY LARGE down payment (at least half of the sticker price. Expect to pay very high interest on the loan. You can do it but it will cost you.

Bankruptcy laws do not prohibit a person from opening another credit account. However, it may be difficult to find a bank willing to extend credit to someone who has filed bankruptcy. In addition, consumers should be careful not to repeat past mistakes. Once bankruptcy has been filed, it is a good idea to operate on a cash basis to re-learn the essentials of personal finance.

Your bankruptcy was not discharged, unless it was thrown out of court. Your debts were discharged. You can keep making the payments, find somebody who will take the car and make the payments, or call the lender to make a "voluntary repossession." You will then learn what a dumb move it was to buy the car, since you will be liable for any deficiency and you cannot file c. 7 again for 8 years.

I believe that most lenders will require 2 years from the date of discharge. Depending on your payment history over the last 12 months some may be able to make an exception. Keep in mind that the date of discharge is different from the date the bk was filed.

You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and have sufficient income to qualify howevevr. there are some mortgage lenders that will allow one day out of bankruptcy with 100% financing

Not possible if it is coming from bankruptcy court (it probably is)

After Chapter 7 bankruptcy has been Discharge can buy a home

I hate to break it to you but in my opinion you can not afford to buy a motorcycle if you are in bankruptcy unless you have cash saved up.

It's fairly easy to buy a nice used car after you've been discharged from bankruptcy; there are companies that send mailings to these people offering them car loans. You'll pay a high rate of interest,though. Buying a nsw car or leasing a car tends to be more difficult, but if you have an income adequate to pay off the loan, you may be able to get those, too.

buy selling it for more than you owe on it .or pay the finance company the difference if sold for lees than the balance owed.

The types of finance that a company can provide to buy new home include asset-based finance, venture capital, receivables finance, invoice discounting, and overdraft.

Do it yourself bankruptcy is when one files for bankruptcy themselves. There are many sites offering advice on this subject and books are available to buy from the internet.

Certainly, I know people who have done that. As long as the bank is willing to finance the purchase, you are in business.

You can litterally buy your car and finance it, walk down the street so to speak and refinance imediatly.

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