Bankruptcy Law

Does buying a new car with an open bankruptcy affect your bankruptcy?


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2012-03-29 01:30:53
2012-03-29 01:30:53

If you filed a Chapter 7 bankruptcy and buy a car before the discharge is issued, there's no impact on your case. If you're in Chapter 13, however, your disposable income post-filing until discharge may be considered property of the estate; in addition, if you're financing the new car then you likely need to have the court's permission before entering into the financing agreement.


Related Questions

No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.

NO collection activity may occur legally during bankruptcy proceedings.

I have file for Chapter 7 twice and it has had no effect on my car insurance.

What kind of bankruptcy? 7? 13? If your bankruptcy case is still open, you cannot sell without notice to the trustee and a motion to sell. If you exempted the car, the proceeds may not be exempt. Check with your lawyer or a bankruptcy lawyer in your state.

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.

Can you file bankruptcy if you caused a car accident?

Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the creditor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharged or closed - which occurs approximately 6 months after it is filed - the car can be re-possessed.

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.

It depends, if you are buying a house in cash, it won't of course. Else, it would quite affect as it would be part of the assessment on your credit and liabilities that the mortgage company will do.

You are normally allowed to keep the house you are living in and one car in a bankruptcy.

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.

go to a buy here pay here car lot with a nice down payment you will get a car. BUT ask your trustee for permission.

if the consigner files bankruptcy can the borrower take the car

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

Open Bankruptcy means that your petition has been filed, but you have not yet received your discharge papers. The discharge papers officially relieve you of your debt.

how can I get a title for a car that waS in bankeuptcy in kansas

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

what can go wrong when you are buying a car

You should deliver the car to the dealership when the bankruptcy is signed. Clean it up and deliver it in good shape. Ask for a receipt.

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.

An open title on a used car is when someone skips an assignment on the back of the title. This can create many problems. You want to make sure that the car you are buying has a clear title. A Clear Title means there are no issues with the title.

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

Yes, how the bankruptcy will affect the ownership of the vehicle depends on the state vehicle exemption amount and if the lender will agree to reaffirm the loan. If there is no loan/lien pertaining to the vehicle then only the state exemption will apply.

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.

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