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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If a debtor is filing a chapter 7 BK and she purchased a car

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If a debtor is filing a chapter 7 BK and she purchased a car recently (within 30 days) are there any issues as far as the BK is concerned. The car was purchased new and the down payment was $2500.

cfortunato :

HiCustomer

cfortunato :

Did the debtor have the $2500 when the Bankruptcy was filed?

cfortunato :

If so, was the $2500 disclosed in the Bankruptcy paperwork?

cfortunato :

If the debtor did have the $2500 when the Bankrutpcy was filed, was the $2500 exempt?

Customer:

No the car was purchased prior to the BK filing

cfortunato :

I misread the question. Sorry!

Customer:

The concern was if there was an issue that she bought a new car prior to filing a BK

cfortunato :

No - that is not a problem.

Customer:

Thank you

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