Personal Bankruptcy Finance a car before filing Chapter 7?

[Purpleroyalty68]

I am thinking of filing a chapter 7. I currently owe 18k on a car loan financed through Nissan with car payments of $730. My lawyer advised me to give the car back because of the high monthly payment. Can I finance a used car before filing bankruptcy, before my credit tanks and reaffirm the new loan during the bankruptcy? Got a pre-approval from a finance company to purchase a 2017 20k car at 10% interest . Monthly payments of $484. The interest is high but will be much lower than if purchased after discharge. Will the trustee have a problem with this? Should I wait a few months to file after buying?


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[adjusterjack]

Sounds like bankruptcy fraud to me.

What does your lawyer think of the idea or haven't you told him yet?

 

[army judge]

Can I finance a used car before filing bankruptcy, before my credit tanks and reaffirm the new loan during the bankruptcy?

Once your bankruptcy is completed (actually after the 341 hearing -
Chapter 7 341 Hearing - Total Bankruptcy )you'll start to receive numerous credit offers, especially to buy NEW cars.





The current vehicle you possess won't be returned until AFTER your bankruptcy has been granted by the judge.

Discuss this further with your attorney, but your credit will quickly improve after the BK, as well as during the process.

In essence, buy the vehicle AFTER the BK is over.

You can keep your current vehicle until a month or two AFTER the bK is over, and you won't need to make any payments.

Smart BK filers save the payments they WON'T be making to further assist with buying a new vehicle.