When the decision is made to file bankruptcy it is usually after much thought and is often the last resort when someone has tried to fix their financial problems. As many people know, filing bankruptcy has many advantages, but it also comes with many consequences too. As an example, a record of the bankruptcy filing will be on one's credit report for 7-10 years. Rebuilding credit after bankruptcy is tough but not impossible. Therefore, careful consideration should be made before the decision to file bankruptcy is undertaken. Speaking with a financial expert or a bankruptcy attorney is a smart move to discuss one's personal financial situation and any options available. Some sound advice of course would be to not overspend in the first place if at all possible. Being mindful of one's budget and expenses, while saving for the future as well as any unseen emergencies is sometimes easier said than done in today's easy credit "buy now and pay for it later" society.
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After filing bankruptcy many people find themselves in a position where they need to purchase a car. Many individuals wonder if they will be able to get credit for a car loan. The answer is yes they will. Auto financing post bankruptcy is not only possible, but it is a great way to gain financial responsibility and rebuild one's credit as long as the debtor diligently makes timely payments.
When someone emerges from a Chapter 7 bankruptcy they are debt free or close to it. Many lenders see this as a good risk as long as the debtor is employed, they feel that the debtor is a good candidate for an auto loan since they have no debt and steady income. This is considered a secured debt since the car is security for the loan, and if the debtor can come up with a down payment this is almost a slam dunk for receiving an auto loan. There are lenders out there who claim to offer easy terms to individuals post bankruptcy or just with bad credit, but debtors beware. One must carefully check out the terms and conditions because some of these post bankruptcy loans have really aggressive terms and very high interest rates. The key is to do your homework when purchasing a car and certainly shop around. There are lenders out there, car manufacturers included, that are willing to work with individual's post bankruptcy filing and give them an auto loan with reasonable interest rates and a payment plan that is feasible for the individual. Even in the case of an open Chapter 13 bankruptcy auto financing can still be feasible, however, it is ultimately up to the US bankruptcy trustee assigned to the case.
Help and information is available to individuals after a bankruptcy filing to help them regain their credit worthiness. There are lenders who specialize in debtors post bankruptcy who can direct you through all of the frustrating red tape and get you financed. Financial management agencies can keep you on track with a plan to mange one's budget and expenses. As long as the individual is mindful after their bankruptcy discharge to not make the same mistakes, they will set a stable responsible pattern for their future financial success.
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