How Quickly Can You Finance a Car or Truck After Your Bankruptcy Case is Over?

When are you legally allowed to finance a vehicle after your bankruptcy case is over?
As I discuss in this video, the answer depends on whether you file a #chapter7bankruptcy or a Chapter 13 bankruptcy.
Chapter 7 cases typically last about four or five months and, in theory, you could finance a car the day after you actually file your case. This is not a good idea for many reasons; it is better to wait until you receive your #bankruptcy discharge.
Similarly, you can finance a replacement vehicle as soon as your Chapter 13 case is discharged (or dismissed). You cannot, however, purchase or finance a replacement vehicle while your Chapter 13 case is active unless you as for court permission first.
As a practical matter, the biggest impediment to financing a car after bankruptcy is not the law, but the real life issue of finding a lender who will extend credit.
Generally speaking, immediately after bankruptcy, your credit score will be downgraded such that you may need a co-signer or larger down payment. The good news is that your credit score will rebound fairly quickly within a year or so after your #atlantabankruptcy discharge.
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[@chrisdemas8246]

I think the market also plays a role. There are times anyone with a pulse will get approved, other times it’s more difficult. Focus on manufacturers that are having problems selling their vehicles.

[@SlanSellsCars]

I run a Chapter 7 Bankruptcy Program in CA. The day you file I can get you approved that day. 0 to 500 down. I also help my clients improve their credit score to around 650 within 6 to 8 months.

[@RT-qz5ci]

Can you explain what a bankruptcy program is exactly? Do you help people in other States?

[@albertsylvester2981]

THANKS

[@geefim2144]

Just finished chapter 13. Wanting to buy a car going to start rebuilding credit first with some secured loan and card. Wished I paid my vehicles outside the plan better .

[@danielnargiso2614]

My toyota finance guy ,said if u file chapter 13 it's suicide for trying to buy a new vehicle

[@jimmyhaymaker]

is chapter 7 a different story?

[@benjaminbenson8914]

I just filed chapter 7 my lawyer told me I can get into a newer used car I don't know how much newer but you can't buy brand new.. which why would you want to buy a brand new car anyway the way they depreciate right when you drive it off the lot.
Always better to buy a year or two years old at least.
But I have questions too cuz I drive a 2016 Lexus and I owe 13 on it and I know I can just surrender it where I don't owe the loan at all and get out of it completely or maybe if I can trade it in and get more than what I owe for it I don't know if that's an option I assumed it would be.