Buying a Car After Bankruptcy
If you file bankruptcy, you probably think you will be unable to get any bank or lender to touch you with a 10 foot pole. As the act of buying a car after bankruptcy shows, this is not the case.
You’ve made a complete mess of it. You’ve applied for every credit card out there and spent every penny. You’ve been using credit card cash advances to pay other credit card bills. The end is near for you financially.
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You finally realize you can’t put it off anymore. You will never be able to pay off your current debts. In fact, you can’t even make the minimum monthly payments. Bankruptcy is your only solution and you take the steps necessary to file it. The court wipes away your debts.
It looks like a fresh start…but then your car blows up. You find out it is dead and done. You need a new set of wheels, but you have little money saved up after the bankruptcy. Can you get credit after filing bankruptcy? The answer is absolutely.
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If you file bankruptcy and get a discharge from your debts, a surprising thing is going to happen. Lenders, car dealers and the like are going to start sending you all kinds of offers in the mail. This will include car financing offers.
You just filed bankruptcy, so why would they do this? Well, it is a time issue. You can only file bankruptcy once every seven years. Most car loans are only for five years. As a result, you are actually a safer bet for the car lender than you were before filing bankruptcy since you cannot again! Ain’t America a great country?