We frequently see people who want to buy a car after filing for a chapter 7 bankruptcy, either for need or desire.
Can they buy one?
Well, after filing a chapter 7 bankruptcy, there’s a three to four month period in which the bankruptcy has to process and finalize. During this three to four month period, you cannot buy a car. However, after the bankruptcy finalizes, you are free to buy whatever you want, including a car.
It’s important to remember, however, how you got into the position of filing for bankruptcy in the first place.
You were overwhelmed with debt you couldn’t pay and a bankruptcy gave you the fresh start you needed to re-establish and rebuild your finances the right way. At Darrell Castle & Associates, we offer an exclusive 14-week program that will teach you how to do that.
Weigh your options and stay away from a situation that would put you right back into debt.
It’s important to note that after filing a chapter 7 bankruptcy, you cannot file for a chapter 7 again for eight years. However, in that eight year period, a chapter 13 bankruptcy is always an option.
Let us help you. Our experience allows us to offer you sound advice when filing bankruptcy while treating you with integrity and respect. If you’re considering bankruptcy or if you have any questions, please contact us today, either online or by calling us at (901) 327-2100.