can I really get a car right after BK filing?

[hooloovoo]

I had a consultation today and one thing he told me was that I'd have to get rid of my car, since at $540 a month they would say my BMW is excessive. I don't have any issues giving up my car, since divorcing something a bit more utilitarian would be helpful, but I'm really concerned about being able to get a replacement. He told me it'd be no problem, I'd find a loan although I might have to put $1k down on a $6k car and finance it at a really high rate. That obviously seems less than ideal. I could get by without a car on my own and ride my motorcycle, but I can't get the kids to school on a bike...

This is one thing holding me up, I don't want to file if it means having no car...

Would it be a bad idea to try and trade it in now on something cheap before I file? I'd take a bath on the negative equity, not even sure I could convince a dealer to finance the difference, but it might be worth a shot.

[CarSellerMD]

Yes you can get a car right after filing a bk but it differs depending on the kind of bk that you are filing. What kind of bk are you going to file?

[AweShucks]

Just bought a car and it's been less that a year from my Ch7 discharge. got a reasonable rate also 8.9% from wacovia. I expected a much higher rate

[BrokeAzzez]

We have only been discharged a month and was just approved for a loan. It's not a great loan, but we needed a car and we will be able to refinance after several on time payments.

[thefiredevil]

Wow in this case you guys are very lucky... my friends tried to get a loan after filing BK but they were rejected.

[carbk]

I had a consultation today and one thing he told me was that I'd have to get rid of my car, since at $540 a month they would say my BMW is excessive. I don't have any issues giving up my car, since divorcing something a bit more utilitarian would be helpful, but I'm really concerned about being able to get a replacement. He told me it'd be no problem, I'd find a loan although I might have to put $1k down on a $6k car and finance it at a really high rate. That obviously seems less than ideal. I could get by without a car on my own and ride my motorcycle, but I can't get the kids to school on a bike...

This is one thing holding me up, I don't want to file if it means having no car...

Would it be a bad idea to try and trade it in now on something cheap before I file? I'd take a bath on the negative equity, not even sure I could convince a dealer to finance the difference, but it might be worth a shot.

I have an 06 Acura TL @ 650 month and had no issues filing for bk and keeping it. There should be NO REASON why you should have to sell your BMW, unless the laws are different depending on your state. It makes no sense, now if it were $1000 payment then I might understand but not a $540 thats pretty average car payment...

[StartingOver08]

I agree with CarBK - you can also try to renegotiate the payment with BMW while in the BK. You must be current in order to include the payment in the BK. Sounds like you need to interview other attorney's.