Trying to secure financing after filing for bankruptcy might make your head spin. Far too many lenders consider your credit score and credit history as the biggest indicators about your financial responsibility. We understand that the mistakes you made in the last few years have no connection to your current life. With our open bankruptcy car loan services, you'll have the funds that you need to purchase a previously owned car or a new vehicle.
Securing Auto Loans After Bankruptcy
Filing for bankruptcy can take several months after you initially meet with your lawyer. You need to choose between filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. No matter which type your choose, you have access to open bankruptcy auto financing. With a Chapter 13 bankruptcy, your creditors agree to reduce the amount that you owe. You then make one payment to the trustee in charge of your case, and the trustee will portion out the payment to each creditor.
A Chapter 7 bankruptcy is significantly different because you don't need to pay any money back. Courts typically approve a Chapter 7 bankruptcy when your bills are severely higher than your income. Your creditors might fight the bankruptcy because those lenders want some of their money back. Though you can add most of your bills to your bankruptcy, you can't discharge any of the following:
- student loans
- child support
- tax liens
- some unpaid taxes
Your bankruptcy officially becomes open when your lawyer files the proper paperwork. Until the court reaches an agreement on your case, your bankruptcy remains open. Once you and the court agree to a specific type of bankruptcy and file any necessary documentation, the court closes the case. It's usually easier to obtain an auto loan after your bankruptcy closes, but we will help you finance your next vehicle purchase even if your bankruptcy is still open.
Some companies will deny your request for a bankruptcy loan until the court closes the bankruptcy, but we want to help you find a car fast. We realize that you can't discharge any new loans once you file, which means that we can work with you when it comes to financing. You have a number of things on your mind when you go through a bankruptcy, and we want to help make your life a little easier. Our financial experts can help you get the car that you want before the bank approves your bankruptcy.