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How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit

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  • 11-26-2010, 11:30 PM
    km0711
    How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    My question involves bankruptcy in the state of: GA

    After the ch 7 bankruptcy, how soon are you allowed to do credit related things such as buy a home, buy a car, apply for a credit card?
  • 11-27-2010, 07:10 AM
    Mr. Knowitall
    Re: How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    Any time you choose.
  • 11-28-2010, 02:06 PM
    sherrylong23
    Re: How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    If you apply for a new car loan and receive it, then realize that you can't afford it before you make first payment or pay sales tx, can you return or break contrct?
  • 11-28-2010, 02:13 PM
    despritfreya
    Re: How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    Quote:

    Quoting sherrylong23
    View Post
    If you apply for a new car loan and receive it, then realize that you can't afford it before you make first payment or pay sales tx, can you return or break contrct?

    Yes you can break (breach) the contract but you will be sued so the real answer is "no" unless you have a 3 day right to rescind (but only for the 1st 3 days after taking possession) or the dealership has some internal policy. Contract signed ='s contract binding upon the parties. Sorry.

    Des.
  • 11-28-2010, 02:28 PM
    sherrylong23
    Re: How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    I know fyou only have 30 dys to get tgs aand pay sales tax but is it possible to to receive an extension on that?
  • 11-28-2010, 05:52 PM
    aaron
    Re: How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    Quote:

    Quoting despritfreya
    View Post
    so the real answer is "no" unless you have a 3 day right to rescind (but only for the 1st 3 days after taking possession) or the dealership has some internal policy.

    What do you imagine to be the source of a "three day right to rescind' a car purchase? Absent the exceptionally unlikely chance that the car is sold to you by a door-to-door salesman who arrives at your home unsolicited, there's no such law in any state.
  • 11-28-2010, 06:33 PM
    despritfreya
    Re: How Soon After a Chapter 7 Bankruptcy Can You Apply for Credit
    Quote:

    Quoting aaron
    View Post
    What do you imagine to be the source of a "three day right to rescind' a car purchase?

    Many dealerships, especially since the bail out, have it written in their boiler plate contracts that the purchaser may return the car within 3 days, no questions asked - this is a play on the statute you are referring to, not a "law". Like I said, signed contract is binding upon the parties.
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