Why are people who are in bankruptcy is that you can use a credit card or get a new car loan?
My name is Alan and I am married with 2 more children. I financed a vehicle used by AmeriCredit and have a loan of Triad Financial. At the time of purchase my wife worked. Together, our income has 60,000 more per year. I received the news that my wife may lose his job in late June. In a course of division of the car events I have of Max Madsen. I owe $ 14,750 on the car and the car was rated for 2500 max car. the car is 2, x 60 and 1 x 90 – I have a van through the triad “1″ upon payment. With all the total debt, I’d say I’m in total debt amounting to 30,000-40,000. I was recently in a CarMax and told me not to get another car but to get rid of this car. I tried to find a car with discounts, so you can negative equity to qualify the car. A salesman told me that he is a man who brought capital with a check for 25,000 for a car that had just presented the chapter. Is this a good idea. I’m in the circle
March 7th, 2010 at 12:30 pm
Because after filing for bankruptcy you can’t file again for 7 years. Which makes you a safe bet. ~
March 7th, 2010 at 1:14 pm
i know what kind of check you are talking about. i get them in the mail but usually those checks have A VERY high interest rate on them. so it takes forever to pay the check off. it’s good if you can aford to make the monthly payments of the check but bad if you cant
March 7th, 2010 at 1:19 pm
It can help you but it’ll cost you big in interest. Not very difficult to get money after chapter 7 businesses know that you need stuff and have better opportunity to pay it back with less bills. Now with that said you need to focus on tight small budget in order to keep the electricity on if you know what I mean Your situation sucks friend Don’t have all the anuses but what I went through after my divorce from first wife credit cards are a necessity in order to build credit worthiness again just be careful. not to overextend yourself again.
March 7th, 2010 at 2:06 pm
they can get credit cards, loan etc even after going bankrupt, they can improve their near term credit score and get loans etc
March 7th, 2010 at 2:54 pm
I asked the same question several years ago when I first got into auto finance. I was told the the reasons are actually very simply. Once your bankruptcy discharges, you have no debt and can not file again for 7-years. This combination make you a better risk for the lenders then people that are actually trying to pay their bills but are having trouble like you right now.
I know, it doe’s not seem fair but that’s the way it is.