Legal Question in Bankruptcy in New York

Renting to own Electronics with a bankruptcy

Dear Lawguru,

Last January, I filed a chapter 13 Bankruptcy. At that time my credit score was 570. It is currently 640 as of this September. As I right now, I need to rent to own a laptop as I do not have enough money to buy one yet and I need one, and after going to an electronics store , I found I could do just that. However, even though my credit score is good enough, WILL they FINANCE ME WITH BANKRUPTCY for a laptop?? Please let , me know asap. If their okay w/a bankruptcy, then there shouldn't be no problem since my score is good enough, but I'm not sure since the guy there said they do a credit check. Please let me know asap. Thanks


Asked on 9/26/08, 7:44 pm

1 Answer from Attorneys
Andrew M. Doktofsky Andrew M. Doktofsky, P.C.

Re: Renting to own Electronics with a bankruptcy

A prior bankruptcy does not prevent you from obtaining credit. You state that you filed a Chapter 13 bankruptcy last January. If you are currently in a Chapter 13 Plan, you generally need the approval of the trustee before incurring additional debt (usually over a set amount, e.g. $500).

Renting to own is rarely a good idea. The cost of eventually purchasing the item will be far more than the price of the item. You are usually better off purchasing it outright, even if financing it.

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Answered on 9/28/08, 1:24 am


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