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Purchasing a vehicle after filing Chapter 7

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MomInMO76

Junior Member
What is the name of your state? MO

Good afternoon all,

I have a question regarding a vehicle purchase after filing BK. I am regretfully filing in the next month or so due to some tough financial difficulties (even coming up with the $950 for filing and attorney fees is difficult). The car I am driving at the moment is not reliable and I most likely will need to make a purchase in the near future. I've been to a few of those "guaranteed" financing places and even they turn me down, however every single one of them has told me to come back once I file BK, and they will be able to approve me.

How does that even work in a Chapter 7? wouldn't I need to turn around and reaffirm the loan right away? would that not look bad to a BK judge that I can buy a car but not pay my other debts? is this advisable? Some of the things I've read states that the trustees actually prefer the purchase be done after the filing but prior to discharge?
 


doucar

Junior Member
Once you have received your discharge, you can buy a car without interference from the Bankruptcy court. I doubt anyone with any business sense would loan you money until you got your discharge, as you could technically add it to your bankruptcy until the discharge (it is a lot more complicated) so I would wait. expect to pay around 30% interest rate on the loan.
 

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