Chapter 7 Bankruptcy:
- If you file Chapter 7 bankruptcy, you may be able to buy a car immediately after your bankruptcy discharge. However, it's important to note that lenders may be more cautious about lending to someone who has recently filed for bankruptcy. You may need to provide a larger down payment or have a cosigner in order to secure a loan.
Chapter 13 Bankruptcy:
- If you file Chapter 13 bankruptcy, you may need to wait until your bankruptcy plan is completed before you can buy a car. Your bankruptcy plan will specify the terms of your repayment, and you will need to make regular payments according to the plan. Once you have completed your plan and received your discharge, you will be able to buy a car.
