Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Discharged today, awaiting closing, what can we do now? Cars, etc...

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  • Discharged today, awaiting closing, what can we do now? Cars, etc...

    Per pacer our joint case was Discharged today, and says awaiting closing. Asset:No

    What can we do now? The lawyer said we shouldn't buy a car until the case is done. Is that now? If we get a loan for a car does that effect anything now?
    (We let both our cars go in BK, wasn't wise to keep the high payments, so we plan to get a car that is 75% less monthly then we had.)

    Any tips on auto loan lenders post BK?

    Is this totally done? Anything we could do now to mess it up?

    Thanks in advance...

    Oh, also, 1 of the cars has been picked up(Local bank, 1 day after the 45 day stay was removed!) but the other car is still in our possession, haven't even heard from that out-of-town bank. Thoughts?

  • #2
    For all intense and purpose, you are done. The close is usually a clerical paperwork situation. Take a deep breath, relax and do nothing at this time. Your close should come in days.

    Get a Cooks sparkling wine, chill it, and chill out. Enjoy your partner and say "It's ALL behind us now".

    SOOOOO for you. Our traditional dance of Victory by our World famous and plagiarized hamsters, the Victory dance of discharge:

    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.


    • #3
      The CYA advice is always to wait until the case closes, but no asset, discharged, I don't think buying a car would make a difference to anyone.

      The bigger concern is predatory car lenders....the best course of action for car buying is to look at your budget and figure out what payment you can afford comfortably. Then get your FICO scores yourself and go to online lending sites or a local bank/credit union and find out what interest rate you would be able to get. Then use an online loan calculator (or your frienldly loan officer at the bank) to see how much you can borrow at the interest rate found and the payment you can afford. Then go car shopping. "When the salesman say 'what would it take to get you into this car' you tell them, 'this much for the car at this interest rate'

      Before you try to get your FICO scores, it would be best to pull your credit reports from the big three credit reporting bureaus and get them to correct any errors you find. (95% of the time there will be errors) Then get your FICO scores, the real ones, you usually have to pay to get them.

      Problem is, this takes time. If you need something faster, go to someone you know and trust and don't go over the payment you figured out by looking at the budget.

      still in our possession, haven't even heard from that out-of-town bank. Thoughts? Enjoy a free car as long as it lasts....

      Congrats on your discharge!!

      Tom in Colo
      Ch7 filed 5/12/2010.....341 meeting 6/30/ of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010


      • #4
        Congratulations on your discharge and fresh start
        Filed: 5/22/07; 341 Hearing: 6/27/07;
        Confirmed: 8/13/07; DISCHARGED 4/17/2012


        • #5
          Thanks for comments/advice.

          Anyone else have experience with this?

          Is the best position this: The CYA advice is always to wait until the case closes...


          • #6
            There is an auto finance thread on the board which will give you some idea of who approves people right after discharge. You will not get as good a rate post discharge as you will if you wait several months. Whether or not you were behind in your car payments, have positive auto trade lines paid in full with no negatives, and/or have any repos showing on your record will determine how high your interest rate will be post discharge.
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under


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