Can You Buy a Car After Chapter 13 Bankruptcy?
There are times when filing for bankruptcy may be the only realistic option available. Our bankruptcy experts can help you go through the process of filing for chapter 13 bankruptcy. A history of bankruptcy does not need to get in the way of making large purchases at a future time. Our experts can help you understand when you may begin purchasing cars and more after going through chapter 13 bankruptcy.
How to Buy a Car During and After Chapter 13
You may not need to wait until after your discharge, or after making all scheduled chapter 13 payments, to buy a car. This is an option, but if you need a car loan while the chapter 13 case is pending, it is possible. You may be able to sign for a new car loan with the court’s permission. You will be subject to higher interest rates with a car loan from a legitimate lender.
How to Rebuild Your Credit for a Car Loan and More
It will be possible to buy property again after chapter 13 bankruptcy. Credit on a secured basis may be available through your bank after filing. You will need to provide them with a small amount of money to provide the security a lender requires for this process. A secured basis credit card can help you create a history of consistent payments and improve your credit score.
Atlanta Lawyers Offer Guidance
Chapter 13 bankruptcy may be needed when you need to repay debt that is not able to be discharged through chapter 7 bankruptcy. You will begin to make repayments to any creditors over a three-to-five-year time span. Chapter 13 bankruptcy consolidates debt and allows for paying down outstanding debt without more interest added on during the repayment period. All remaining credit card debt is discharged after the completion of all scheduled repayments. In addition, you can maintain ownership of your property after filing for chapter 13.
Starting New After Chapter 13 Bankruptcy
It is possible to start improving your credit and position yourself to make significant purchases after filing for bankruptcy. Contact Georgia’s largest bankruptcy filer, Clark & Washington, LLC, at (770) 488-9302, or schedule an appointment online for help with navigating your financial future today.