Fayetteville, NC asked in Bankruptcy for North Carolina

Q: CORRECTION for "I am filing Chapter 13 in NC. Can I buy a used car with Unemployment proceeds?"

I'm filing chapter 7, not chapter 13. If I purchase a car with ONLY unemployment income, should I still wait until after I file? If so, how long after?

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1 Lawyer Answer
Lynn Ellen Coleman
Lynn Ellen Coleman
  • Bankruptcy Lawyer
  • Licensed in North Carolina

A: It depends upon how much the car is worth, how many other cars you own and how much equity you have in real estate. You will have to wait a minimum of 90 days after you purchase the car no matter what. Most consumer bankruptcy attorneys offer free consultations. You should consult personally with a qualified consumer bankruptcy attorney to get specific advice.

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