Do you have to get permission from the bankruptcy trustee to finance another car?

You absolutely shouldn't buy a car without your bankruptcy trustee's approval. If the judge or trustee finds out that you financed a vehicle without their permission, they can force you to surrender it and possibly dismiss the bankruptcy – causing you even more problems.

1. Can I finance a vehicle during a bankruptcy?
2. How long does it take to get trustee approve a car loan?
3. Can you finance a vehicle in a trust?
4. Can you buy a new car after filing bankruptcy?
5. Can you finance a car after Chapter 7?
6. Can I get a car loan while in Chapter 7 bankruptcy?

Can I finance a vehicle during a bankruptcy?

There are two kinds of bankruptcy that individuals can file: Chapter 7 and Chapter 13. The type of bankruptcy you file for and the amount of time since you filed could affect your ability to get a car loan. ... While a bankruptcy can be bad news for your credit scores, getting approved for a car loan is still possible.

How long does it take to get trustee approve a car loan?

The Chicken and the Egg

The trustee usually wants the formal request for an auto loan to have a specific vehicle, interest rate, price, and payment. However, the trustee will sometimes (not always) take 3 or 4-weeks to get around to approving a request for debt.

Can you finance a vehicle in a trust?

Financing the Purchase of a Vehicle

First, the trustee and family must consider whether the trust can afford the purchase of the vehicle. If the trust contains substantial liquid assets sufficient to meet the current and future needs of the beneficiary, then this factor will not be as significant.

Can you buy a new car after filing bankruptcy?

If you've recently completed a bankruptcy, you might be wondering if you can buy a car. In most cases, the answer is yes. If the debts you've discharged in your bankruptcy case have freed up enough income to pay in cash or make a loan payment, you might be in luck.

Can you finance a car after Chapter 7?

Getting a Car after Chapter 7

If yours was a Chapter 7 bankruptcy, that usually takes 4 to 6 months to complete. You should receive notice of your discharge roughly 90 days after your 341 meeting of creditors. After you get this notice, you can get a loan for a car.

Can I get a car loan while in Chapter 7 bankruptcy?

Yes, you can buy a new (to you) car while your Chapter 7 bankruptcy case is pending. If possible, wait until your discharge has been granted as that will give you more negotiating power with the bank. Written by Attorney Andrea Wimmer. Yes, you can buy a new (to you) car while your Chapter 7 bankruptcy case is pending.