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New car loan without downpayment while in chapter 7

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    #1

    New car loan without downpayment while in chapter 7

    Okay, I am getting tons of offers for to get a new car. My paralegal told me that as long as I don't have to put a downpayment then you can get a new car while in bankruptcy so I called and they dealers said the same things. I will actually be paying a little less then what I pay now but have a car with less miles and better working..

    My question is there a catch??? I would love to give back my van and get a better working one. Anyone done this before while in bk???
    Success is reachable, stretch out your arm and grab it.
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    #2
    Hey, I just did this myself on Friday. My 341 is on the 18th, next week. On my old car I had a loan with an apr of 29% on the truck I just bought Friday the bank did 14% apr. So I am saving alot of money now.

    Comment

      #3
      Basically, it's a 722 Redemption Loan.

      722 refers to the Section of the Code that allows for this. To purchase a replacement vehicle.

      It's legit. I **think** your attny has to agree/sign off on the deal. But you'll need to check to be sure.

      We didn't have a car payment when we filed. So we didn't ask our attny about buying a car during BK when we got those offers.
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment

        #4
        I am really thinking about it, my apr I swear is about 28% and I just found out I have longer then I thought left on payments, may as well take advantage of the bk filing benefits while I can.
        Success is reachable, stretch out your arm and grab it.

        Comment

          #5
          My paralegal told me that is was legal as long as I don't put money down, it will be a replacement. I mean it can't be no different then when I had to move from one rental to another??? We had to have a place to live just like I need a van to get around with the kids and my doctor visits.

          Sinkingfast, you know your stuff, you could have filed pro se LOL. by the way, I filed pro se with the help of free legal advice and a BK paralegal completed my paper work. I have no assets so I am not too worried.
          Success is reachable, stretch out your arm and grab it.

          Comment

            #6
            Originally posted by freshstart06 View Post
            Sinkingfast, you know your stuff, you could have filed pro se LOL. by the way, I filed pro se with the help of free legal advice and a BK paralegal completed my paper work. I have no assets so I am not too worried.
            Even tho we didn't have any assets to speak of either,..........

            IF the Law hadn't changed, and,..........

            IF the New Law wasn't so New, and,..........

            IF we weren't so close to JUST under the Median, and,...........

            IF we hadn't recently moved, and,.........

            IF we didn't HAVE to use Out of State Exemptions,.............

            I might have filed Pro Se.

            We moved in August, 2005. Our finances were BAD then. And denial ain't a river in Egypt.

            We heard all the hub bub on the News about all the people filing BK before the Law changed.

            We just didn't realize we were riding an irreversible tide.
            Filed Ch 7 - 09/06
            Discharged - 12/2006
            Officially Declared No Asset - 03/2007
            Closed - 04/2007

            I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

            Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

            Comment

              #7
              Does anyone know if using http://www.freshstartloans.com/fslc/home.asp during your bankruptcy if you have to have good credit? I find it strange that I inquired with them via an email, told them my situation about filing bankruptcy ch7 and they replied back that if my credit was too bad that they could not finance me and sent me an application to fill out. Well, of course my credit is not good, I am going to go through a bankruptcy! I think I'd like to keep the car I have and get right side up and see if they or another company can help. Has anyone been turned down by one of these redemption companies due to bad credit?

              Comment

                #8
                that is crazy... I swear if I had good credit I would have gotten a debt consolidation loan before BK. Most of use opt BK because we have used up our "good" credit to survive. I really wonder if there is anyone left out there that filed BK and still have a 680 plus score. ONce you file your credit drops then you have to rebuild back up.
                Success is reachable, stretch out your arm and grab it.

                Comment

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