top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Buying a car while in the middle of bankruptcy

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Buying a car while in the middle of bankruptcy

    I had my 341 meeting Friday and it was painless, very brief; Afterwards the lawyer said the credit union is using cross colateralizatioin on m truck two credit cards. So my question, is it legal to go and buy a new /' used vehicle now and either give up the current one or trade it in to get out of these other two bills?

    #2
    Of course, it's legal to buy another vehicle right now, but remember that it's also legal to stop payments on your current one (if you haven't already) and keep driving it payment-free until the lender picks it up. You may be able to drive it for 3 of 4 months without making another payment. Also, remember that if you are planning to finance a vehicle, you will get much better loan terms after the case is discharged than you would prior to discharge.

    Comment


      #3
      Ok, but I wld really need to purchase soon if i stopped payment. So has anyone ever got financed while in the middle of bankruptcy; Its been about 3 weeks since our 341 meeting. So far all is quiet. Our only hickup is if i want to keep my truck which means i have to repay my loans with the credit union. If i let them pick it up then i wont have to but I will immediately need a vehicle!

      Comment


        #4
        Yes, you can get a car. Any bankruptcy debtors may not be able to touch transactions like car and house financing. Good luck!

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X