How soon can I buy a car after bankruptcy?
Chapter 7: Technically, a Chapter 7 Debtor is not authorized to incur debt, including vehicle purchase debt, until after the entry of a Discharge Order (which occurs about three months after a case is filed). Some vehicle lenders will pre-qualify you right after filing and before discharge to make the process faster.
Chapter 13: A Chapter 13 Debtor can obtain a new car loan as long as they have Chapter 13 Trustee or Court permission. The Trustee/Courts will approve a request to incur debt to purchase a vehicle as long as it is reasonable and fits into your Chapter 13 case. This can be a little tricky (as with any Chapter 13 Plan adjustment). Please check with your attorney on the process.
How do I know if I should file for bankruptcy?
At The Robert Russell Law Office, we are committed to providing each and every one of our clients with compassionate and trusted representation at reasonable fees. We know that every case is different, which is why we review your situation and discuss both your bankruptcy and non-bankruptcy options with you.
If you’re considering bankruptcy as a debt relief option, contact our Seattle and Vancouver bankruptcy attorneys today so we can help you make an informed decision for your financial future.