Can I buy a car before I file for bankruptcy? by West Bend, WI Bankruptcy Lawyer

Can I buy a car before I file for bankruptcy? by West Bend, WI Bankruptcy Lawyer

It is possible to purchase a new vehicle before filing for bankruptcy – with a few caveats:

1)      The purchase must be made in good faith (i.e. you need a car for reliable transportation – you don’t already have a reliable car, the car is not a luxury car, or the car was not overly expensive);

2)      You must have enough exemptions to protect the equity in your new vehicle;

3)      You did not purchase the vehicle to pass the means test;

The above caveats are not all-inclusive, but are things to consider when purchasing a new vehicle before filing for bankruptcy.  Contact our office to discuss the specific facts of your case.

We serve the following communities (and surrounding areas):  Germantown, West Bend,   Brown Deer, Wauwatosa, Butler, Sussex, Pewaukee, Mequon, Milwaukee, Thiensville, Colgate, Richfield, Menomonee Falls.