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Can you get a car loan with an open chapter 7 bankruptcy?


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2015-07-15 18:25:04
2015-07-15 18:25:04

No--one- the lenders will see the bankruptcy and ask for the discharge date, and two if the bankruptcy court finds out you are applying for credit--this could stop the whole procedure.

ACTUALLY: YES you CAN! we have multiple lenders who will give you a car loan while your bankruptcy is open. Chapter 7 or 13. In a Chapter 13 you will need the trustee and judges permission. Go to to learn more.


Related Questions

Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".

Yes you can if you have a fair credit score.

AnswerPerhaps, but the terms will not be favorable, most especially the rate of interest. It is also a requirement when in a Chapter 13 repayment bankruptcy, that all major financial transactions have the apporval of the bankrutpcy trustee.

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NO collection activity may occur legally during bankruptcy proceedings.

If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.

As long as you keep making the loan payments the creditor wont care if you declare bankruptcy. If doing a cram-down in a chapter 13, the lender would have to accept the current value of the car.

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.

If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.

If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.

That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).

In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy

If by "you" you mean the debtor who is in a Chapter 13, yes. If the car is subject to a purchase-money loan, it can get complicated, so you should talk to your bankruptcy lawyer.

You file BK and it effects all your debts and all your assets. You do not pick and choose what you want included.A car loan is generally a secured loan, and the security maybe used to pay the debt under the bankruptcy.

Chapter 13 goes up to 60 months but it can be shorter. You will receive the title to your cars when the loan is paid off. Often a car loan is not amended by the bankruptcy, and most loans are less than 60 months.

There are a number of places one may be able to get a loan to purchase a car after declaring bankruptcy. Depending on how long ago the bankruptcy was declared, a number of banks and credit unions may offer one a loan.

Assuming you mean, can you get a car loan if you are in a Chapter 13, the answer is yes. You must have a contract for the purchase and loan with all elements determined (no blank spaces) and then file a motion for it to be allowed. If the payments replace a prior car loan or an existing car loan, there should be no problem. If your car loan payments would be significanly higher, you will have to amend your plan to show how you can afford the payments without affecting the plan.

No. You probably didn't include the car loan in the bankruptcy (if you did you wouldn't have the car anymore). If debt wasn't included in the bankruptcy you still owe it. Was the car insured? Usually if there's a loan on it the loan holder requires full coverage insurance. I'm not sure what the line of credit has to do with the car.... but if that line of credit account number was included in the bankruptcy it will/was discharged.

if the consigner files bankruptcy can the borrower take the car

Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.

If there is a loan which used the car as collateral, yes.

If you are in a Chapter 13 plan, you have to get permission to pay off a vehicle or sell a vehicle that is included in your plan.

Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.

While in a Chapter 13 debt repayment, the person(s) involved must have the permission of the assigned trustee before making major financial transactions. Failure to do this can result in the dismissal of the filing and/or other penalties. Not quite true. You can purchase a new car by obtaining a specific car loan agreement which does not seriously affect your chapter 13 plan payments and filing it with the court with a motion to approve the loan. The chapter 13 trustee must also agree to the new car loan. The details vary somewhat from one bankruptcy district to another, so consult a local bankruptcy lawyer.

A car is not totaled in a chapter 13. A car may be totaled while the owner is in a chapter 13. If the car was fully exempted, nothing happens. If you need to buy a new car, you will have to get permission from the bankruptcy court after you file a specific purchase agreement (car loan) which should not seriously affect your plan payments. Why are you not asking your lawyer?

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