My current car payment is a bit high and i would like to surrender the current vehicle to the bank as soon as i file for a Chapter 7 BK. However, i would need to buy a new car pretty quickly before my credit score will be destroyed by the filing. Is there a minimum time period that is recommended to wait until filing BK after you get a new car loan?
DUI / DWI Attorney
You can buy a new car right before bankruptcy and surrender your old car in the bankruptcy. If you reaffirm (or stay obligated on the loan) on the new car in bankruptcy, it will help you rebuild your credit afterwards.
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I met with a client on a Wednesday, advised her to buy a new car, which she did on Thursday, and we filed her bankruptcy on Friday. She surrendered her older car in the bankruptcy, and was allowed to take two car payments on her means test, which were necessary to get past that hurdle. And since the Friday she filed was the last day of the month in which she received three pays, none of those counted for the means test, which resulted in only 12 pays for the prior 6 months, where if we had waited a day, she would have had to list 14 pays. You really should have an attorney assist you in making bankruptcy decisions.
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