Legal Question in Bankruptcy in Florida

chapter7 and a new car loan

my husband and I are thinking about filing chapter 7 we currently have a car that we financed and are payments are extremely high.we would like to put the car down when filing,but my question is if i was to finance another car prior to filing and i didnt want to put the new car down would there be a problem.thankyou


Asked on 6/16/00, 9:52 pm

1 Answer from Attorneys
Jules D'Alessandro D'Alessandro & Wright

Re: chapter7 and a new car loan

You can include the current vehicle lease in your bankruptcy petition. In fact if the payments are too much to handle most bankruptcy attorneys will strongly advise against reaffirming any high payment debts. It is a good idea to obtain a new lease vehicle prior to filing because more than likely you will not qualify after you file. Most auto dealers will not accept an application until after discharge which can be up to 90-120 days away. The only drawback to incurring any debt prior to filing is that you may be forced to repay the debt depending on the length of time prior to filing the debt was incurred.

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Answered on 8/16/00, 6:20 pm


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