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How long do you have to wait to purchase a new vehicle after your chapter 7 bankruptcy has been discharged?
Wiki User
∙ 16y ago
Your a deadbeat. You don't make good on your promises. Would you lend you money?
Having learned from your prior bankruptcy...where you screwed those who trusted you the last time you failed to perform on your promises and such...the answer is: when you can actually afford one.
Wiki User
∙ 16y ago
Wiki User
∙ 14y agoI don't think there is a time limit. I think you can buy anything as long as someone is willing to sell it to you. However, getting a loan/mortgage is difficult, if not impossible, until you re-establish your ability to handle credit and repay as agreed. And you should expect to be required to have a sturdy downpayment and to pay a higher interest rate for the additonal credit risk. In todays lending environment, more so than ever.
Wiki User
∙ 15y agoAnytime.
Getting a loan is another question.
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What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?
A person immediately contact their lawyer to assist on issue.
Will a voluntary auto repossession still show on your credit reports after Chapter 7 is discharged?
Most likely. They are two separate issues.AnswerYes. It will show that you no longer owe the debt, as well. AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for a voluntary repo. If the vehicle was surrendered as part of the bankruptcy, the loan should show as a ZERO balance, no past dues, and 'included in bankruptcy' on your credit report.
You kept making car payments after discharged in chapter 7 if you stop paying and don't surrender the car can the lender go and undo your bankruptcy?
No. But, the vehicle will become a repossession if payments are not made.
How long after filing chapter 7 can you sell your vehicle?
The debtor cannot sell nor transfer any property without the permission of the bankruptcy trustee or until the BK has been discharged and closed.
Can you keep your vehicle if you file chapter 13 bankruptcy?
yes
If your vehicle was listed in your Chapter 7 bankruptcy almost a year ago and the bankruptcy has been discharged and you are current on your payments can you still turn it in?
Yes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it or take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.
Would you have to pay monthly notes in filing chapter 7 on my vehicle?
You don't file bankruptcy "on your vehicle." You file bankruptcy to discharge all your debts. You don't get to pick and choose which creditors. But, secured creditors either have to continue to be paid or you have to surrender the collateral, in which case the balance due on the secured note would be discharged.
What does a bankrupt discharge?
The chapter 7 discharge order eliminates a debtor's legal obligation to pay a debt that is discharged. Most, but not all, types of debts are discharged if the debt existed on the date the bankruptcy case was filed. (If this case was begun under a different chapter of the Bankruptcy Code and converted to chapter 7, the discharge applies to debts owed when the bankruptcy case was converted.) Some of the common types of debts which are not discharged in a chapter 7 bankruptcy case are: a. Debts for most taxes; b. Debts that are in the nature of alimony, maintenance, or support; c. Debts for most student loans; d. Debts for most fines, penalties, forfeitures, or criminal restitution obligations; e. Debts for personal injuries or death caused by the debtor's operation of a motor vehicle while intoxicated; f. Some debts which were not properly listed by the debtor; g. Debts that the bankruptcy court specifically has decided or will decide in this bankruptcy case are not discharged; j. Debts for which the debtor has given up the discharge protections by signing a reaffirmation agreement in compliance with the Bankruptcy Code requirements for reaffirmation of debts.
Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
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.
How do you get a title from the bank if your you have been discharged from a chapter 11 but you can't get the title from the bank?
Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.
Is there anyway to purchase a new home while still in chapter 13 bankruptcy?
When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.
Can you sell a vehicle that was included in a Chapter 13 bankruptcy case and is not yet paid off?
No
