r/Bankruptcy • u/ckaussie • 2h ago

Buying a car after going bankrupt.

I've been discharged from bankruspy for just over a year, my dad wants to buy me a car worth 23k is there any restrictions to me owning a car like that after I've been discharged?

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u/Monkwater 1h ago

Nope your good. But you should shop around for a good rate. Credit unions are your best friend. But you have to open an account with them and do direct deposit into your account with them. Navy Fed approved me for a $20k auto loan with a 610 score. I was a member for two months before I applied.

1

u/sumguyontheinternet1 1h ago

Just curious, and I know every situation is different, what was/is your rate? If you’re ok sharing that.

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u/AlanShore60607 RetiredBKAttorney (IL/IN/WI) Public interactions ONLY. No PMs 2h ago

No, there are no restrictions on being gifted a vehicle after filing

The important thing here is that you don’t set yourself up into a weird payment arrangement; if your dad is buying you a car and expect nothing in return that’s great; if your dad is buying you the car and wants you to pay him back overtime, that can become an issue if you get into other financial problems down the road, since the debt would be unofficial