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 cosigner 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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Jonathan Ginsberg
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