Car Loan DURING Bankruptcy

[may]

Is that unheard of??

DH finally decided to put his truck ($650 payment) into the bankruptcy. We're surrendering it. We need to have a truck for his business. We have to! He (and his brother) own an event rental company and they deliver everything to people. He said he's applied to places like Capital One, etc. and they've declined. How can we get a decent truck that will pull what we need? Will anyone approve us? He's getting so stressed out about it, he's becoming a bear. I'd like to be able to give him a solution to take some weight off his shoulders. Busy season is getting ready to start so he's very uneasy about the whole thing. We're both stressed to the max.

Help, please! TIA!

[nerves]

Before trying to credit, you will need to speak with your attorney and get his stamp of approval. Technically, you aren't suppose to get any credit until after your discharge. Our attorney gave us approval to try to buy a vehicle after our 341, but all the banks I went to didn't want to extend credit until discharge. Now, there is the 722 redemption option. I don't know the ins and out of this, but this may be an option. You will stuck with some really high interest rates (20%+). I think there is a sticky that has more info on this. You may want to check it out. Good luck to you. Keep us posted on the outcome.

[may]

Our attorney told us that we need to get approved for a loan and then give the terms to the trustee to look at so he can approve it. Some lenders have told us that we have to get a letter from the trustee before they can approve us, so we're kind of going in circles here.

We just need a truck! HaHa!

[nerves]

Similar situation here. Our trucks were paid in full but used as collateral for our business loan that was part of the bk. The banker came to the 341 meeting thinking she was going to be able to take the trucks that day. The trustee said absolutely not - they had to file to have the stay lifted or wait until discharge. That just made my day We haven't heard anything in regards to the two trucks since but I am sure it is coming since we got our discharge on the 17th. I filled out a couple of credit aps yesterday and I am hoping one of the banks will work with us. If you read any of the other posts, it is really a hit and miss with getting a reasonable auto loan. I don't think there is any rhyme or reason to it. It is definately stressful when you need transportation to make a living. I drive a 96 Escort and it gets me by just fine but we do need to have one vehicle that we can depend on for longer trips and DH needs to have something to drive when he finds a job.