Are you seeking a car loan after filing for bankruptcy? It is possible. While many people think that they will never get credit again after bankruptcy, it can usually be achieved in a relatively short period of time.
At Ledford & Wu, our Chicago bankruptcy lawyers have extensive experience helping people with a wide range of bankruptcy and debt relief issues. We are dedicated to helping you achieve debt relief so you can pursue your post-bankruptcy financial goals.
Is filing bankruptcy right for you? Contact a bankruptcy attorney by e-mail or call 888-542-1900 for a free consultation at any of our ten office locations. Our Chicago bankruptcy lawyers are here to protect your rights.
Auto Loans After Bankruptcy
A bankruptcy discharge will show on your credit report for 10 years for either a Chapter 13 bankruptcy or a Chapter 7 bankruptcy. However, this does not mean it is impossible to secure a car loan before the discharge disappears from your credit report.
It may, however, make it more difficult and make your interest rates higher. Waiting two or three years to buy a car may be in your best interests, if possible. If you need to get a car right away, it is important to get one that is within your budget and that can be paid off in relatively short period of time. Saving up for a sizable down payment can also decrease your interest rate.
Securing a car loan can not only keep you on the road, but help you improve your credit score as well. If the payments are within your budget, making them regularly should improve your credit score and make it possible to obtain credit in the future.
Our attorneys have extensive experience helping people through the bankruptcy process and can help you understand your rights and life ater bankruptcy. We are committed to helping you discharge your debt and building a stable financial future.
Contact Us
Contact our law offices online or call 888-542-1900 to speak with an experienced Illinois bankruptcy lawyer. We are ready to help.
