Buying cars after BK

[bull]

We are looking at the possibility of chp. 7 BK in the next couple months (we may have to wait a couple months as we had to take some $$ on our CC to cover living expenses and car repairs). We are very much upsidedown on both of our vehicles and are more than likely going to give them up in the BK.

How likely are we to be able to replace the vehicles (with less expensive choices) right after BK and when do we have to surrender our vehicles?

My wife and I both work ~35 miles from home and have kids in school, so being without 2 vehicles is next to impossible.

Thanks

[HRx]

We are looking at the possibility of chp. 7 BK in the next couple months (we may have to wait a couple months as we had to take some $$ on our CC to cover living expenses and car repairs). We are very much upsidedown on both of our vehicles and are more than likely going to give them up in the BK.

How likely are we to be able to replace the vehicles (with less expensive choices) right after BK and when do we have to surrender our vehicles?

My wife and I both work ~35 miles from home and have kids in school, so being without 2 vehicles is next to impossible.

Thanks

It all depends on your credit scores etc. But let me tell you this much, the majority of folks have a difficult time purchasing another car right out of a Chp7 - especially one that involved a Repo or multiple Repos. You'll want to work with a dealership that works with a lot of subprime borrowers. You'll also want to have atleast a minimum 10% downpayment for most cases, and will be charged double digit interests rates. When you're credit is derogatory, you're at the mercy of the lenders, and have little or know bargaining leverage. Best bet would be to buy a reliable used car cash - keep it for a year to two, so you can save money that you need.

Good Luck!