Can I Get A Loan For A Car After Bankruptcy.
When considering the possibility of filing for bankruptcy, people often wonder how bankruptcy will affect their ability take out new loans after filing. Car loans are the most common type of loan that people consider when considering bankruptcy. There is no provision in the bankruptcy code that prevents you from taking out a loan after filing. When analyzing this in practical terms, there are several other factors to consider, including the bankruptcy chapter filed. Once the discharge is complete, you can proceed. Generally, the farther you are in the credit repair process, the better the interest rates offered by a lender will be, meaning that it is often to your benefit to make use of our 90 day credit repair program if you are looking to purchase a car after a Chapter 7.
Alternatively, if you file a Chapter 13 bankruptcy, you can look at taking out a new car loan as soon as your plan is confirmed! You can take out a new loan before that, but you will need the court’s permission. Once the plan has been confirmed, you will not need to ask the court or trustee for permission to take out a new car loan. Some lenders will not offer a loan in the first year following a Chapter 13 filing, but this is not an express prohibition. Call Now for a Free Strategy Session from an MN Bankruptcy Lawyer at LIFEBACK LAW FIRMS
There may be many reasons why you are considering a car loan following bankruptcy. It’s good to know that obtaining a new loan can be done! Please contact our firm to learn more about the process of acquiring a vehicle after bankruptcy. We are happy to answer any questions you may have about the bankruptcy process or how it can be tailored for your specific needs. So, when the time is right, or when you are ready, please don’t hesitate to reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to
www.lifebacklaw.com
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