What can I do after my 7 years from the bankruptcy are up? 19 Answers as of January 14, 2011

My 7 years are up in 2011, what do I do now? Can I go out and purchase a car?

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Law Office of Aaron Nielson
Law Office of Aaron Nielson | Aaron Nielson
You don't need to wait 7 years after filing bankruptcy to get a new car. Many of my clients purchase new or replacement cars while they are still in bankruptcy.
Answer Applies to: Washington
Replied: 1/14/2011
Stuart Jon Bierman  Attorney at Law
Stuart Jon Bierman Attorney at Law | Stuart Jon Bierman
I am assuming you are referring to a Chapter 7. If so, you can absolutely positively go out right this minute and try to purchase a car. One of the good things about bankruptcy is that you don't have to wait seven years to obtain a credit card or purchase or lease a car: as soon as you are granted a Discharge of your debts in bankruptcy you can go to various lenders and see if one of them is willing to give you a credit card or a car loan/lease. Usually lenders for cars are willing to be more cooperative then some other lenders since they know that if you don't pay them then they can simply repossess the car. Again, a person does not have to wait seven years, if you go to different lenders and one of them thinks you have a satisfactory work history, and/or a satisfactory income stream, and/or a satisfactory amount of money for a down payment, then they may be willing to give you a loan. If you shop around you might find several lenders who are willing to work with you and then you can choose the one with the lowest interest rate and other advantageous terms. I wish you well and hope that the next stage of your financial life goes smoothly for you.
Answer Applies to: New Jersey
Replied: 1/13/2011
Christopher Legal Group
Christopher Legal Group | Shawn Christopher
You probably could have purchased a car before now. Hopefully, you have done some things to start to rebuild your credit. The bankruptcy may still end up being reported up to 10 years after you filed, not 7.
Answer Applies to: Nevada
Replied: 1/12/2011
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
You can do anything you want, including buy a car. You didn't have to wait 7 years to buy a car. The lender looks at your credit score, among other things. That is always a factor.
Answer Applies to: Illinois
Replied: 1/12/2011
Law Office of L. Paul Zahn
Law Office of L. Paul Zahn | Paul Zahn
While your bankruptcy will come off your credit report in 7-10 years, you need do nothing to have it removed. It will come off automatically. Additionally, you can seek loans while still having a bankruptcy on your credit report. If your credit is otherwise good, you should have no problem with obtaining an auto loan, although your rate may be higher.
Answer Applies to: California
Replied: 1/11/2011
    Law Office of Raymond J. Dague, PLLC
    Law Office of Raymond J. Dague, PLLC | Raymond J. Dague
    Actually you can do anything you could do before your bankruptcy. Credit starts to be re-established long before the 7 years. Often you can buy a car within the year of a bankruptcy and buy a house with a mortgage within 3 years.
    Answer Applies to: New York
    Replied: 1/11/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    Good golly! If you had rebuilt your credit carefully, you could have gotten a car loan at a good interest rate three years after the bankruptcy is over. You could have bought a house, if you wanted, years ago. (Depending on if and when you lost a previous house to foreclosure.)

    The debts discharge in your bankruptcy drop off your credit report after seven years. (The bankruptcy itself stays for ten.) But you should have gotten two or three credit cards, charged carefully, paid them regularly usually in full every month. Three years of doing that you have good credit.

    (The last step to rebuilding your credit after bankruptcy, is to make sure the old debts are showing "discharged in bankruptcy" on your credit report. Compliance with that, buy the creditors and by the credit bureaus, is still not very good. It's better than it was seven years ago.)
    Answer Applies to: Virginia
    Replied: 1/11/2011
    The Law Offices of Robert L. Driessen
    The Law Offices of Robert L. Driessen | Robert L. Driessen
    Yes almost all people that come out of bankruptcy will get credit for new purchases.
    Answer Applies to: California
    Replied: 1/10/2011
    DiManna Law Office, LLC.
    DiManna Law Office, LLC. | Dawn DiManna
    You should make sure your bankruptcy has come off your credit report.
    Answer Applies to: New Hampshire
    Replied: 1/10/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    After 8 years you can file bankruptcy again. After 10 years the bankruptcy will come off your credit report.
    Answer Applies to: California
    Replied: 1/10/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    I am not sure what 7 year period you're referring to, but you have my permission to go out and purchase a car. The issue is whether someone will lend you money, and the prior bankruptcy is only one of about 100 factors lenders look at. Bankruptcy will remain on your credit record for up to 10 years from the date of filing.
    Answer Applies to: California
    Replied: 1/10/2011
    Uriarte & Wood, Attorneys at Law
    Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
    I believe you may be confused. You can only obtain a discharge under Chapter 7 once every eight years. There is no prohibition against your making any purchases after you obtain your discharge. Assuming you qualify for a loan you can purchase a car.
    Answer Applies to: California
    Replied: 1/10/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    There is no magic in 7 years. You can do whatever you wanted after your discharge. Bankruptcy stays on your credit report for 10 years. However, if you properly rehabilitated your credit the prior filing will not stop you from getting a car or anything else.
    Answer Applies to: California
    Replied: 1/10/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    You can't filed another chapter 7 bankruptcy until after EIGHT years from the date of filing of your last BK. Questions 2.
    Answer Applies to: California
    Replied: 1/10/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    You should have been able to purchase a car long before your 7-10 years were up. If you have the income or money or credit or combination of all, you should be able to buy a car now.
    Answer Applies to: California
    Replied: 1/10/2011
    The Shakoori Law Group
    The Shakoori Law Group | Rachelle Shakoori
    It depends on how you have used your credit and your current credit score. If you have reestablished your credit then you should be able to make a car purchase.
    Answer Applies to: California
    Replied: 1/10/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Nothing really happens after 7 years. You cannot file a Chapter 7 again until 8 years after you filed last time. If last time you filed a Chapter 13 case, then the record of your having filed that case will be removed from your credit report after 7 years. If you last filed a Chapter 7 case then your credit report will continue to show the bankruptcy filing for 10 years from the date you last filed. Regardless of what kind of bankruptcy you filed 7 years ago, you should have already at least started to repair your credit record by now. The most you could have been in Chapter 13 was 5 years so you have had substantial time (two years!) to obtain new credit and establish a good credit history. You can buy a car on credit if you need one and I am sure that you will find banks that will finance it if you have adequate income for the payments. That is one good way to rebuild your credit history. Make sure you buy something you can afford and something you need and that you religiously make the payments on time. Good luck.
    Answer Applies to: California
    Replied: 1/10/2011
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