Can I go into bankruptcy right after getting a car loan?
I need a car because my old one died, but I'm about ready to go into bankruptcy. Can I do this? What might happen to my car?
Answer provided by
“That’s a tough situation—we’re sorry to hear it. While you can get a car loan before filing bankruptcy, it may not be the best idea.
If you’re afraid that you may need to file for bankruptcy, your money may be better spent taking care of your debt and other obligations unless you really need the car. If you get a car and then file for bankruptcy, there’s no certainty that you will keep the car. In some cases, you may have to voluntarily surrender the vehicle or litigators may sell your car to pay for your debt obligations.
Keep in mind that your car loan isn’t the only expenditure you will have. You also need to maintain full coverage car insurance, which isn’t always cheap.
If you decide to move ahead with the car loan, cut your car insurance payments by using the Jerry app. Sign up in minutes to compare quotes from dozens of top insurance providers. Average users save around $900 a year.”
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