Should I buy a car before or after bankruptcy?

You most certainly CAN buy a car after bankruptcy.  Most of the time, it is advisable to wait until you have a discharge to buy a car.  I know lenders that specifically work with people who have filed for bankruptcy relief.  If you have steady income right now, they can almost certainly help you.

If you are doing a Chapter 7 bankruptcy and you currently have a car payment this is too high, we can discuss giving that car up and getting a discharge.  Then, I will refer you to someone who can help you buy a car after bankruptcy. The interest rates offered to people who have just filed for bankruptcy relief is often better than the interest rate you would have otherwise gotten.  This may give you a lower car payment and a slightly newer car.

Sometimes, you can’t wait to buy a car after bankruptcy.  If you are doing a Chapter 13 bankruptcy, we can ask the court to approve a new car loan.  Again, this may allow you to obtain a smaller car payment, but a slightly newer car.

Obviously, the new car purchase will help you build credit.  This is key to getting your financial life back to normal.

Please contact me today to discuss how to build credit and make your life better.  314-827-4027.

Sean C. Paul is licensed to practice law in the State of Missouri. His practice is located in south St. Louis County and Downtown Kansas City, Missouri. He can help you with your Chapter 7 or Chapter 13 Bankruptcy case.  Talk to Sean about how to buy a car after bankruptcy. Sean C. Paul will give you the individual attention you deserve. He will meet with you one-on-one to determine how he can help you. If you are considering filing bankruptcy in Missouri, please call today. Sean C. Paul, Attorney at Law Google+ Profile.

 

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Source: Bankruptcy blog