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New car just after filing??

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    New car just after filing??

    I am very new to this but like so many others, I have found this to be a wealth of information. I am filing Ch 7 in New Jersey and I have a leased vehicle. Two years left on the lease and I will be significantly over the milage allowance at lease end. On one hand I think the best thing to do is to surrender the lease but at the same time my commute is very long and moving isn't an option right now so I need a car.

    Is it possible and/or advisable to file the Ch7 noting that I will not keep my lease but just after filing, maybe days after, I finance a new car. My thought is that the new car would not be part of the Bk because it happened after filing and of course I plan on paying it.

    I don't know what other options I have. Any suggestions?
    Filed: 4-29-2010
    431: 6-11-2010
    Last Day to Object: 8-10-2010
    Discharged: 8-13-2010

    You are not supposed to take on any new debt while currently in BK. So your idea of filing and then purchasing a car is a bad idea.

    I understand having the lease and being over mileage, I was as well when I filed. I had to have a car (just as you), but knew it was smart to get out of my lease. So I ended up buying a old car (93 Gran Marquis) with just under 100K miles on it. I paid cash for the car, and these cars are known to hit 250K or so with reasonable care. So I turned in my lease with the BK, have no car payment and am driving a car that I would trust to take me anywhere. I have since put on 20K miles on the "Grannymobile" and have only changed the oil.

    You can find a nice cheap older car that was well cared for, get out of car payments AND get out from under that lease.

    Just an idea as it worked well for me.
    8-07-09-filed Chapter 7

    Life is not what challenges you face, but how you face those challenges.


      Amen to above! Pay cash if possible, you'll have a terrible time getting credit anyway. If you do, the interest will be outrageous and self-defeating.
      Filed Chapter 7 08/06/09, unsecured debt of $109,000
      341 Meeting 09/09/09
      Discharged 11/12/09
      Closed 12/14/09


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