Can I buy a cheap used car after I have my court hearing with Chapter 7 bankruptcy?
My court hearing for meeting the creditors/trustee is on July 10th for Chapter 7 bankruptcy in Florida. I was wonder since my household only have 1 car. I really need to have a extra car for me to use for work instead of using my spouse car. I’m planning to pay cash for a cheap used car but I need to know will it be a problem once after I do my court hearing?
Well I guess I have to wait for the letter of discharge right?? How long does that usually take?
Posted May 18th, 2010 in Bankruptcy Q And A. Tagged: chapter 7 bankruptcy, court hearing, creditors, household, trustee.
You should wait until the BK is final; the reason is 1) you are not supposed to have that much cash 2) you should not change your assets until he BK is final 3) a creditor may throw a monkey wrench in the works and you have to answer some more questions under oath before it is all done, and you would have to reveal the car or risk having your BK thrown out 5) there is too much risk for too little reward 6) if you absolutely cannot live and I mean get to work, see if you can rent one for the interim from a "junk car rental place" 7) you NEED to not change your status at all until it is final
you should be asking your BK attorney this question I hope you have beed advised that you cannot increase your income AT ALL until your BK is final, the rulkes are so strict that I am amzed that a two earner family was able to pass the means test for a chapter 7…good luck and don’t risk having your chapter 7 converted to a 13
May 18th, 2010 at 9:57 pmNot without the permission of the judge.
May 18th, 2010 at 9:57 pmCheck Florida vehicle code to see if you have a time limit on registering the car after purchase. Some States require it within 30 days but some, like Ohio, have no definite time period. Maybe you can pay cash now and register it next month.
May 18th, 2010 at 9:57 pm