Wichita Falls, TX asked in Bankruptcy for Texas

Q: vihicle surrendered in chap. 7 can I create debt for vihicle within the 2 month period after trustee meeting

filled 12/11/2018, trustee meeting 1/9/2019, vihicle will be surrendered 2/24/2019. can I create loan now with first payment after 3/9/2019

Related Topics:
3 Lawyer Answers

John Martin Hilla

  • Bankruptcy Lawyer
  • Farmington Hills, MI

A: It's not quite clear what you're asking. Are you asking whether you can buy a new car within 2 months of your 341 Meeting of Creditors?

The first response is always that you should pose this question to the attorney that you hired to assist you with your bankruptcy case. I presume you have one if you have already filed. If you have filed without an attorney, I recommend you consult with a bankruptcy attorney in your local area to discuss the issue, if any will discuss it with you.

There is generally no prohibition on incurring new debt after the filing date of a Chapter 7 bankruptcy, but, depending on where or how you are getting the money for the new vehicle, there could be an issue with the need to preserve the assets of your bankruptcy estate until the Chapter 7 Trustee has formally abandoned interest in those assets, as well as other issues you should discuss with your attorney.

Mr. J. Thomas Black

  • Bankruptcy Lawyer
  • Houston, TX
  • Licensed in Texas

A: Yes, there is no reason why you cannot incur a new debt to finance a vehicle after the filing of a chapter 7, but if you have an attorney you should discuss it with him or her.

Timothy Denison

  • Bankruptcy Lawyer
  • Louisville, KY

A: Talk to your lawyer first, but you should be able to incur post petition debt to buy the car if you have a lender.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.