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Barbaruolo Law
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    • Justin D. Myers, Esq.
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  • Who We Are
    • Paula M. Barbaruolo, Esq.
    • Justin D. Myers, Esq.
  • Practice Areas
    • Bankruptcy Relief
    • Mortgage Modifications
    • Real Estate Law
    • Foreclosure Defense
  • Service Areas
    • Albany
    • Amsterdam
    • Ballston Spa
    • Bethlehem
    • Clifton Park
    • Cohoes
    • Colonie
    • Glenville
    • Gloversville
    • Guilderland
    • Niskayuna
    • Rensselaer
    • Rotterdam
    • Schoharie
    • Scotia
    • Saratoga Springs
    • Schenectady
    • Troy
    • Voorheesville
    • Watervliet
  • Testimonials
  • Blog
  • Contact

Bankruptcy Blog

8/5/2020

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Will I be able to get a car before filing bankruptcy?

 
Barbaruolo Law New Car Before Bankruptcy

Will I be able to get a car before filing bankruptcy?

Retaining your vehicle in a Chapter 7 bankruptcy is not often a problem as long as you are current on the loan payments.

Getting a new (to you) vehicle during or immediately after a bankruptcy requires more planning and consideration. The reality of life in Upstate New York is that the vast majority of people seek to purchase or lease a vehicle every 5-10 years, and usually this requires getting approved for a loan or a lease.

People thinking about filing a Chapter 7 bankruptcy are often rightly concerned about being able to obtain auto financing with a bankruptcy on their credit report. If you need reliable transportation, in some cases it may be best to seek new financing or a new lease for a vehicle before you file.

Through a process called “reaffirmation of debt” in a Chapter 7 bankruptcy proceeding, you will be allowed to keep your vehicle and the loan or lease will be undisturbed. If acquiring a car is not possible prior to a bankruptcy, another option may be arranged for a co-signer on a loan/lease once the bankruptcy is complete.

To explore which strategy is most appropriate to your situation, call us today at (518) 782-9100 for your free consultation!
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Barbaruolo Law Firm, P. C.
12 Cornell Road
Latham, NY 12110
Phone: (518) 782-9100
Fax: (518) 782-9101
Email: info@pmblawpc.com
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DISCLAIMER
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The information you obtain on this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Please call or email us to set up your free consultation. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until we have established a relationship.