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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2513
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Ive just filed in OR for chapt 7. Found a place willing to

Resolved Question:

I've just filed in OR for chapt 7. Found a place willing to finance a better car at almost 3% less interest and $100+ less per month. In Oregon is it truly legal and acceptable by the courts to finance a new vehicle prior to my creditors meeting & prior to discharge without derailing this long awaited ordeal? I worry I could lose both the old and new car if I get the wrong trustee/judge? Anyone?
Submitted: 5 years ago via USLaw.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
Anything after the date of filing the bankruptcy will be your responsibility. You can choose to surrender your current vehicle. If you are trading in a vehicle, technically, you should get court approval, since it is part of the bankrutpcy estate. Normally people don't do this, since chapter 7's only last 90 days. You can bring a motion to obtain credit and surrender the asset (or trade it in) to get the court's approval. If it is reasonable and necessary, the courts generally approve them. Good luck.
Customer: replied 5 years ago.
I guess what I was looking for was, "Is it legal to obtain a new car Pre-discharge"? I think that since you said anything after the filing was my responsibility was telling me it is legal? I am planning on surrendering the vehicle as there is no warranty and already needing repairs and I can't afford to keep paying for those and a car payment of $485 a month while recovering from this.
Expert:  Terry L. replied 5 years ago.
Yes, anything that you do after the date of filing, you are on the hook for. You just need to be careful, and get court permission to sell or trade in the car you currently have, since it is part of the bankruptcy estate. If surrendering, then you should have no issues. Check with the lender, as many want you to be officially discharged too. But go for it, get the new car.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2513
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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