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Depending on the amount of debt you have and the amount of money you make, bankruptcy might be your only chance at leading a happy life. Those who file for bankruptcy typically do so because they have a high amount of debt in comparison to their income, and these people know that they can't pay off the debt in a reasonable amount of time. If you are looking to buy a car after filing for bankruptcy in the past, don't assume that you won't get the chance to recover. You can easily find car financing when who have filed for bankruptcy when you use the services provided by Dougs Credit Center.
Obtaining a Car Loan After a Bankruptcy
Before you look at financing vehicles for people who have filed for bankruptcy, you might look at the different open bankruptcy loan types. One type is Chapter 7 bankruptcy which lets you eliminate most debt that you carry, while Chapter 13 bankruptcy lets you pay off your debt over time. If you opt for a total debt elimination, you can typically discharge any of the following:
- Medical bills
- Bank loans
- Credit card bills
The Aftermath of Bankruptcy
Most people worry about how a bankruptcy will change their lives. You probably hear a number of horror stories from others. These people tell you that you can't get a bankruptcy loan or a home mortgage and that you'll have problems when it comes to applying for credit cards too. Many people assume that creditors will view you as a risk and not award you any type of credit. While this is true to an extent, you can find car loans after you file for bankruptcy.
Think about it in this way: would you rather loan money to someone who is thousands of dollars in debt, or would you rather give money to someone with no debt? People don't realize that after a bankruptcy, you owe less money than you did before, which means that you have more money for the bills and expenses that you face. Auto financiers would prefer loaning money to those who have a better chance of paying the money back later.
Whether you run the errands for your family, work outside of your home or transport your kids to school, you need a good car. When your vehicle is on its last legs, don't let a bankruptcy stop you from applying for a loan. You can get a reliable car at an affordable price even if you filed for bankruptcy in the past.