Buying a car DURING Chapter 7?

[Stilltheone]

Well, my dh's car finally took it's last drive....so, he needs a new one. For the meantime, he's driving my Escalade at 100 miles roundtrip/day. It's getting expensive in gas, so we'd like to get him a car.

We are about a month away from discharge. Question: Is it possible to buy a car during a Chapter 7?

We looked around and found a great deal on a car for about $15K.

Do we have to wait until discharge to buy a car?

[keepmine]

Most lenders require a discharge before they'll finance you. It's a violation of the automatic stay to send you a bill during an open bk.

[Cali]

My attorney told me that I couldn't get anything until discharge.

[sunshine mary]

I third that..I am surrendering my car this week and my attorney said unless I do the 722 redemption I will have to wait until discharge.

[Stilltheone]

We plan on financing with our local credit union...I'll have to call them up and see what their requirements are. Worse case scenario is we wait a month.

Thanks!

[HHM]

Generally speaking, no one is allowed to lend to you during an active chapter 7 (except a 722 redemption loan).

[deafbroke]

See if you can borrow a car until your bk case is closed.


DB

[Stilltheone]

See if you can borrow a car until your bk case is closed.


DB

That's probably what we'll end up doing. Gas is killin' us!

[dragonnfly]

We here in Ohio must just be odd ducks. We were told by our attorney and local car dealer that it was fine to get a car during a open BK. We bought a little 4 cylinder to replace our surrendered SUV. Trustee was actually fine with it and said that it was a good idea to get rid of the SUV. We did a lien strip on a 3rd mortgage in ch 7 here also. Ohio has always been different.

[Cali]

I guess it must depend on where you are located.

The dealership isn't coming for the SUV until after discharge. So I am driving it until then.

We here in Ohio must just be odd ducks. We were told by our attorney and local car dealer that it was fine to get a car during a open BK. We bought a little 4 cylinder to replace our surrendered SUV. Trustee was actually fine with it and said that it was a good idea to get rid of the SUV. We did a lien strip on a 3rd mortgage in ch 7 here also. Ohio has always been different.