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To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.
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How can one get a car loan after bankruptcy?
There are a number of places one may be able to get a loan to purchase a car after declaring bankruptcy. Depending on how long ago the bankruptcy was declared, a number of banks and credit unions may offer one a loan.
Can one put car payments on their bankruptcy?
You not only can, you must. All creditors must be listed in any bankruptcy filing.
If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
Where can one obtain a car loan after having claimed bankruptcy?
You can obtain a car loan after having claimed bankruptcy by applying online at the Cars Direct website. Cars Direct is well known for helping people with poor credit obtain an auto loan.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
Where can one get a car loan after declaring bankruptcy?
You can receive a car loan after declaring bankruptcy by applying to any bank that offers the option. However you might have to rebuild your credit score first, or just have a co-signer with amazing credit.
If you filed for chapter 13 can you purchase a new car?
While in a Chapter 13 debt repayment, the person(s) involved must have the permission of the assigned trustee before making major financial transactions. Failure to do this can result in the dismissal of the filing and/or other penalties. Not quite true. You can purchase a new car by obtaining a specific car loan agreement which does not seriously affect your chapter 13 plan payments and filing it with the court with a motion to approve the loan. The chapter 13 trustee must also agree to the new car loan. The details vary somewhat from one bankruptcy district to another, so consult a local bankruptcy lawyer.
Can car loan interest be claimed when filing personal taxes?
No, car loan interest cannot be claimed when filing personal income taxes. One can, however, deduct some costs of upkeep (or mileage) if the individual can demonstrate that the car was used for business and that they were not reimbursed for such usage.
How long must one wait to get a loan on a new car after declaring bankruptcy?
To get a loan on a new car after declaring bankruptcy, you have to wait until you can rebuild your credit. You can rebuild your credit in as little as 2-3 years if you work at it and start out by building up your credit with small things.
What are the alternatives to filing for bankruptcy?
One option to avoid filing bankruptcy is to simply do nothing. If one has no income and no assets, they are considered "judgement proof" and typically creditors will not file legal action against them as there is nothing for the creditors to recover. Other alternatives include informal or formal negotiations with one's creditors, consolidating debt, or restructuring debt (essentially refinancing the original loan).
What are the alternatives to filing bankruptcy?
One option to avoid filing bankruptcy is to simply do nothing. If one has no income and no assets, they are considered "judgement proof" and typically creditors will not file legal action against them as there is nothing for the creditors to recover. Other alternatives include informal or formal negotiations with one's creditors, consolidating debt, or restructuring debt (essentially refinancing the original loan).
How long after filing ch 13 can you apply for a car loan?
Between the time you file your papers for Chapter 13 and your court date, no one is likely to be interested in giving you a car loan. You don't get a "court date" in federal bankruptcy. You get the "first meeting of creditors," known to bankruptcy lawyers as the "341 meeting," for the US Code section that requires the trustee to examine the debtor(s) under oath. You can get a car loan only if the payments will not lower your plan payments, and you will need a proposed loan document, completed but for signatures, to submit to the court, the trustee and any creditors who must be notified. You may be able to get a car loan approved before the plan has been submitted, but different courts and judges may give you different answers. If the new car loan payments are not significantly higher than the old car payments, you should not have a problem. If your old car is paid off, absent an emergency of some sort, the court and trustee may not approve a new loan. Ask your bankruptcy lawyer. Or consult one if you decided to file on your own.
