If i buy a brand new car and 2 months later i file for chapter 13 bankruptcy can i keep the car and still pay?

I want to buy a new car before i file for chapter 13 bankruptcy but will that ruin the chances for them approving them ?

If you have the ability to buy a new car before filing for bankruptcy, you are not bankrupt and will probably not pass the means test.

Published on 31 Jan 2010 in chapter 13 bankruptcy, by admin

6 Comments >>

This entry was posted on Sunday, January 31st, 2010 at 2:56 pm and is filed under chapter 13 bankruptcy. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.

Comments:

  1. Rufus Said:

    If you have enough outstanding debt to force you to claim bankruptcy, then you probably can’t get a car loan. If you can get approved however, it is up to the bank whether they will let you keep the car and continue making payments. It’s worth a try. Worst case, you have a new car for a couple of months till they take it away.
    References :


    January 31st, 2010 at 8:10 pm
  2. Wynell Said:

    try this site (i’ve used it): http://infobusiness1.notlong.com/7AAJf8c
    References :


    January 31st, 2010 at 8:20 pm
  3. Jay P Said:

    If you have the ability to buy a new car before filing for bankruptcy, you are not bankrupt and will probably not pass the means test.
    References :


    January 31st, 2010 at 8:30 pm
  4. Robin Said:

    Actually, many attorneys will advise their clients to go ahead and buy a new vehicle before entering into a chapter 13 bankruptcy. It increases your necessary payments, and allows you to reduce your expendable income, so you end up paying less on your non-secured debt, such as credit cards.

    You should consult with a bankruptcy attorney in your area to figure out if such action makes sense in your case. Your attorney will need to prepare a plan that shows you are at least able to pay your secured debts through the plan which requires going through all of your income and expenses.
    References :
    Chapter 13 FAQ: http://www.bankonitsd.com/San_Diego_Bankruptcy_FAQ_13.html


    January 31st, 2010 at 8:47 pm
  5. Lauren F Said:

    Why would you go into debt buying a brand new car if your finances are in such bad shape that you are considering bankruptcy? How about buying a decent but older used car and use the money you would have spent on car payments to pay off your debt?
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    January 31st, 2010 at 9:01 pm
  6. Jennifer Said:

    Hi,

    I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It’s legitimate . I came across this company on NBC News Special Edition.Check it out here:
    http://Credit-Solutions.notlong.com
    References :


    January 31st, 2010 at 9:39 pm

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