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Don’t Buy That Car Yet

Feb. 22, 2016

Can I Buy a Car as I Prepare to File for Bankruptcy?

Wait until your Chapter 7 bankruptcy is filed before you purchase anything large. To borrow a large amount of money and then file bankruptcy is considered fraudulent. If you are planning to file bankruptcy stop using all of your current credit cards and do not purchase anything on credit until after you file. If you have to you can rent a vehicle until your case is filed or borrow a car from a friend or family member. Once your case has been filed then you may purchase the vehicle as long as you disclose your ongoing bankruptcy matter on the application. Make sure you keep your lawyer apprised of what is going on.