If i am currently in bankrupcy can i purchase another vehicle?

Question

If i am currently in bankrupcy can i purchase another vehicle?

Answer 1

Yolanda....what bankruptcy are you in??  If you're in a chapter 13 bankruptcy and are paying into a plan and find someone that is willing to give you a loan, the trustee of the courts have to approve any loans first. If you are in the bankruptcy now and it's a 7....call your attorney, they can advise you what to do...but...expect some critical advise....a chapter 7 once discharged after 90 days after the creditors meeting, you can re-establish credit and finance a vehicle..but..why put your bankruptcy in jeapordy over a vehicle right now. The new laws the courts look at everything, and if they see you've bought a vehicle..I'm not positively sure, but...they may be able to dismiss the case based on that. The new laws look at so much now that I wouldn't test the waters with trying to get a vehicle until this is all over with.

Good Luck!

Answer 2

if you're in bankrupcy, why would you buy a car??

Answer 3

If you have cash.  Otherwise you're more likely to win the lottery than get someone to give you a loan

Answer 4

I can almost guarantee you'll get denied. You may want to try a cosigner, but your chances are still very slim....... the only way to know is if you apply.