Q: Can I get a used car a month before filing bankruptcy?
I am filing for bankruptcy the middle of March chapter 7 in Arizona. I am surrendering my current vehicle. My husband is filing also with me and he has a vehicle he is affirming. If I get a used car from a dealership right now, am I okay to do so?
A: Yes, so long as you can exempt any equity in the used car bc you will still have to pay for and reaffirm that debt.
A:
The short answer is "yes", but there is a lot more information that you should know before filing a bankruptcy. I realize this is a challenging time & you have lots of questions. It is okay to be anxious & overwhelmed. You are on the right track to educate yourself about how to deal with your financial situation. As a lawyer & retired law professor I am committed to education as a foundation for anyone considering bankruptcy.
Your current financial issues, including possible bankruptcy planning, are often like a Rubic's cube where many competing issues must be solved simultaneously. Such as: protecting basic necessities, using credit cards, estate planning, tax issues, foreclosure & survival after bankruptcy.
Please go to www.DianeDrain.com - click "free bankruptcy consultation" button. Watch 9 short Bankruptcy Court videos which will explain basic bankruptcy issues. Then completely fill out an on-line questionnaire form & press “submit”. It will take 30-45 minutes, but is very important in order for me to guide you as to options. Then I will call to schedule a free 30 minute phone call.
A: Yes you are! Excellent plan!
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