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.