QUESTION
Can I finance a new car while in chapter 7 bankruptcy but before my meeting of creditors?
Asked on May 30th, 2015 on Bankruptcy - New Jersey
More details to this question:
I want to know if I have to get a court order to finance a new car before I go to my meeting of creditors. I've already gotten a preapproval from a lender with the payments and car I can afford. My current car is going to be surrendered.
8 ANSWERS
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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That would be a yes.
Answered on Aug 27th, 2015 at 10:45 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Sure, but consult your attorney. You might need approval from your chapter 7 trustee, if you are putting anything down or trading another car in on the new one.
Answered on Jun 05th, 2015 at 3:22 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Speak with your bankruptcy attorney, or get one.
Answered on Jun 03rd, 2015 at 7:26 PM
You do not need court permission to obtain financing while in a Chapter 7. My experience is that if you can wait until after your discharge come in, you will find the financing terms are far more attractive.
Answered on Jun 03rd, 2015 at 3:02 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You probably can do so. However, each federal district may have slightly different practices, so check with your lawyer, or, if necessary, the office of the Trustee for your case. This is not advice to proceed until you are certain there are no objections from the Trustee. Good Luck.
Answered on Jun 03rd, 2015 at 12:57 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You do not need a court order, however most lenders will not make a loan until you've been discharged.
Answered on Jun 03rd, 2015 at 11:56 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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I would not change anything until after your 341 meeting.
Answered on Jun 03rd, 2015 at 10:43 AM