Tuesday, January 14, 2014

I just filed my ch 7 petition and now I want to surrender my car. I did not sign to assume the car. But I still need a car. So can I apply for a car loan and just start fresh and get a used car?

I just filed my ch 7 petition and now I want to surrender my car. I did not sign to assume the car. But I still need a car. So can I apply for a car loan and just start fresh and get a used car?
No, you will not be able to open a new loan while your current Chapter 7 petition is pending. If you choose to surrender your vehicle and the finance company agrees to this, you will be able to keep driving it until after your discharge hearing, after which time the finance company will arrange to pick it up from you. There are some dealerships that have programs available for bankrupt customers, so call around to some in your area and ask them what is available to you, after you've had your discharge hearing.

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