Posted by: admin in chapter 13 banruptcy attorney on
nwafanusa1 asked:
I am going to be going through chapter 7 bankruptcy next month (November). My car has 70,000 miles and it is five years, and four months old since I purchased it in 2001 (it had 13 miles when I bought it). If I keep my car for two and a half more years before trading it in, can i get a decent loan after filing for chapter 7 bankruptcy this november? My attorney told me that it wouldn’t hurt me that bad because I get a VA compensation and they can’t garnish my wages. Please help. And if I can get a loan, what kind of interest rate would it be?
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I am going to be going through chapter 7 bankruptcy next month (November). My car has 70,000 miles and it is five years, and four months old since I purchased it in 2001 (it had 13 miles when I bought it). If I keep my car for two and a half more years before trading it in, can i get a decent loan after filing for chapter 7 bankruptcy this november? My attorney told me that it wouldn’t hurt me that bad because I get a VA compensation and they can’t garnish my wages. Please help. And if I can get a loan, what kind of interest rate would it be?
GET REAL NO WAY!!!!!!!!!!!
you will have to wait until after your bankruptcy has been discharged before you can apply for any kind of a loan but your interest rate will be high if the bank will give you a loan at all some might not it depends on what bank you try to get a loan from
The sad thing is a lot of car dealers have their own financing and advertise dealing with people who file bankruptcy but why take the risk of getting in trouble again? Why not shop around for a good used car from an individual? In my state if you buy a car from an individual that’s 7 years or older you don’t pay a vehicle tax. Check with your town and local DMV on this. Go for something that’s been inspected and taken care of, get the motor vehicle report to check for it’s history before you buy. GOOD LUCK and PEACE.
Vin
You need to have the courts approval before you can get a loan, if you can get one.
You may find the reports on helpful
You have to find someone co sign for the Loan.I bought the new Van last month while i was on bankruptcy chapter 13.You may have to pay high down payment.The interest rate is around 8,9 %.( if the cosign have excellent credit)Good Luck.