If you file Chapter 7 bankruptcy, can you still buy a car? How long will you have to wait before making a purchase like that?
In this video, Memphis bankruptcy attorney Darrell Castle answers your questions about buying a car after filing Chapter 7. Learn more:
If I file Chapter 7, how long before I can buy a car?
Your Chapter 7 is going to be discharged and that means your debts will be gone in something like 4 months 3-4 months after your case is filed.
And after that, if you want to buy a car, you can start looking to do that. And remember that right now you have debts that perhaps you’re not paying if you’re looking for Chapter 7 relief, and the Chapter 7 is going to take care of that for you.
So you should be in much better condition to be able to afford a car.
Now you’re going to have to look for certain deals. Not every car dealer is going to sell you a car immediately after Chapter 7 discharge, but there are plenty who will.
If you have a job and you demonstrate some ability to pay, there are plenty of car dealers out there that will sell you a car immediately. And you know you might not be able to get the most expensive car on the lot, but there are plenty of cars available, and you’ll find it fairly simple to do that in Chapter 7.
More questions? Contact Darrell Castle: