Buying a House or Car in Chapter 13 Bankruptcy

A chapter 13 bankruptcy can last around 3-5 years. In that time, big things can happen in life. Did you
know that you can buy a car or house while in a chapter 13 bankruptcy? The bankruptcy court has a streamlined process to allow you to apply for financing for both a house and car.

Finding a Loan in a Chapter 13

Whether it is for a car or a home, getting a loan while in bankruptcy may seem counterintuitive.  The reality is that people need a place to live and car to get around in.

For a car, shopping around will get you the best deal possible. A dealership will give you a sample buyer’s order that lays out the details of the loan that you then give to us for submission to the Court for approval.

For a house, there are several loan options available to you, such as FHA, VA, and USDA loans. When you find a loan that works for you, your bankruptcy attorney can file a motion that includes all the necessary information – such as home purchase price, down payment amount, and projected monthly mortgage payments.  The Court typically approves the application in about thirty days.

Get Help from a Bankruptcy Attorney

Don’t let fears of not being able to buy a house or car stop you from getting the help you need to lower your financial burdens. You don’t need to put your life on halt for a chapter 13 bankruptcy. You will find that financing is available to you during your case and, with the help of an experienced bankruptcy attorney, you will get court approval to take the loan.

If you are thinking about filing a chapter 13 bankruptcy, call us at The Law Offices of Dax J Miller to schedule your free phone consultation!