Legal Question in Bankruptcy in Texas

Best way to buy a car, then file bankruptcy

I am starting over in life. I have lost eveything to pre-divorce. I will be filing bankruptcy in September of this year. I need to buy a used car in order to get a job to start over. I am getting a laon from my family to purchase the used car.

How can I keep that and anything else I may obtain in the next few months from being liquidated during a bankruptcy hearing?

Last year I made $4300, this year with the new job it should be @ $55000.

What would be the best practice?


Asked on 3/14/08, 12:34 pm

1 Answer from Attorneys
Keith Engelke Law Office of S. Keith Engelke

Re: Best way to buy a car, then file bankruptcy

I am assuming that both income figures are annual.

You need to file before you recieve a substantial amount of income from the new job. To determine if you are eligible for chapter 7, the code uses your average income over the previous 6 months.

The car transaction has several options

which need to be reviewed with a bankruptcy attorney - preferably before you file.

I do bankruptcy work. Feel free to conctact me.

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Answered on 3/15/08, 2:57 pm


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