Can I Buy or Refinance a Car During Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a process that allows you to discharge most of your debts. Once you have filed for Chapter 7 bankruptcy, an "automatic stay" goes into effect. This means that creditors are not allowed to try to collect on debts from you. The automatic stay lasts until your bankruptcy case is over.

One common question people have is whether they can buy or refinance a car during Chapter 7 bankruptcy. The answer is yes, but there are some things you need to know first.

If you want to buy a car during Chapter 7 bankruptcy, you will need to get approval from the court first. This is because the court needs to make sure that the purchase is necessary and that you can afford it. You will also need to have a cosigner for the loan if you want to finance the car.

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