How long before bankruptcy could we trade in our car? 8 Answers as of June 29, 2015

I want to trade in an old car for a newer one before we go through bankruptcy. My question is, how long before filing for bankruptcy can we trade in for a new car? I need something reliable that I can use even if we go through the bankruptcy.

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Any time before you file is fine. I'm assuming little or no equity in the new car.
Answer Applies to: Colorado
Replied: 6/29/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Many bankruptcy lawyers recommend that you attend to buying a replacement car before you file a bankruptcy, since it is much harder to be approved after you file. But, since to keep the car you must continue to pay for it, it doesn't matter if you acquire the car the night before you file the bankruptcy petition. It may not even look odd to other creditors or the BR trustee, since it is a well-known practice. The key thing to remember is that you must reaffirm the debt on the car and keep up payments.
Answer Applies to: Wisconsin
Replied: 6/26/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Anytime before you file bankruptcy. The lender will ask you to sign a reaffirmation agreement during the bankruptcy.
Answer Applies to: New York
Replied: 6/26/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
If you have equity in your current car then you can trade it in any time you like. If you will have to roll over some negative equity into a new loan then it might make much more sense to just surrender that car and start with an entirely new loan for a different vehicle. Before taking any actions, though, you should consult with and hire an experienced lawyer to advise you.
Answer Applies to: Colorado
Replied: 6/26/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
No hard and fast rule on that, however 90 days would be nice. You do have to answer all questions on the application truthfully.
Answer Applies to: California
Replied: 6/25/2015
    Ronald K. Nims LLC | Ronald K. Nims
    There is no time limit. ?People often trade in cars within a week of filing bankruptcy.
    Answer Applies to: Ohio
    Replied: 6/25/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You can trade in a car up until the day you file bankruptcy as long as you secure the financing and lock it in before the case is filed. You are likely to get a better deal on financing if you wait until after can hold on until the bankruptcy is completed, but you cannot get financing while you are in an active bankruptcy.
    Answer Applies to: Nevada
    Replied: 6/25/2015
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    The only way it would be an issue is if you got into a new car whereby the payment was an inordinately large percentage of your income, as in you got into a luxury car way beyond your means or what was necessary. As I suspect that is not the case, I don't think this would be an issue for you; however, without knowing either your income/expenses, or what the future car payment would be, it is difficult to give you an exact answer. If you are merely getting into a new car, with a reasonable payment, because the old car is just not reliable anymore, I doubt you'd have an issue.
    Answer Applies to: California
    Replied: 6/25/2015
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