Financing another vehicle before filing Chapt. 7

[freshstart36]

I have retained my attorney for Chapter 7 but it probably won’t be filed for at least a month. I plan on surrendering my current vehicle because I am $5000 upside down on it and it is a gas guzzler. I’ve been approved for another vehicle for under $10,000 and want to know if it will affect my bankruptcy. Can I reaffirm on the new loan. Will they frown on me for doing that or should I wait until the bankruptcy is filed or final. Also, the reason I am thinking of doing this is because it will reduce my disposable income. I've been reading this forum for a couple of weeks now, it's been very helpful. Any suggesions would be great. Thanks

Oh P.S. I live in Virginia and will be filing in the Eastern District.

[whipster1]

Pre-BK planning is OK. You are not trying to defraud anyone and are getting into a more economical vehicle. You can reaffirm it. Your credit is better right now than it will be for several years probably, so if you found a good deal I would jump on it.

[Amy26]

Welcome to Northern VA ;) I also filed in the same district and it was very smooth and painless. From being on the forums with everyone else, it seems our district is a little more laid back than others. I too purchased a new vehicle about 3 months before I filed. Was not an issue. I didn't have to provide much information and they are pretty flexible on expenses. They realize how expensive it is to live here.

Anyways good luck! And feel free to ask any questions.