How Soon Can I Start Shopping For a Car Loan after Bankruptcy in NYC?
Not understanding the power of bankruptcy relief many consumers still believe they will never be able to buy another car if they file for bankruptcy. Before consulting with an attorney people often think the best solution is to reaffirm a bad car loan fearing that otherwise they may have no car at all. We are constantly setting people at ease about this concern when we meet with them for the first time in our New York City office.
If you are concerned about having a car to drive after your bankruptcy there are better alternatives than reaffirming a bad loan. Offers for new car loans will actually start coming in as soon as your bankruptcy is finalized and there are many lenders now who specialize in auto loans for people who have recently filed for bankruptcy. Taking on a new auto loan after your bankruptcy may or may not be a good idea depending on your financial situation. If you have a decent job and are making a regular wage then a new car loan can help you rebuild your credit with on time and regular payments. On the other hand it might be best to wait before taking on a new loan after your bankruptcy since car loans may have helped put you into financial trouble in the first place.
A new auto loan is not the only way for a recent filer to get behind the wheel of a suitable car. When your bankruptcy is finalized you will no longer be paying on your toxic high interest credit card debt and other bad loans. With this new money in hand, many of our clients can save enough cash quickly to purchase a nice used car without the help of a high interest auto financing company. With a successful discharge you will have numerous ways to get a new car that will help your financial situation instead of hurting it.
But keep things in perspective, with a bankruptcy on your credit report you can’t expect a great loan offer on your first post-bankruptcy purchase, and you also can’t expect to save enough cash to quickly buy a Porsche. Nevertheless, it doesn’t mean you have to get burned with another bad loan or settle on a lemon not worth driving if you decide to file for bankruptcy protection.
Your attorney will understand how to keep you driving in a car that will still suit your needs and lifestyle in financially responsible way, and this may even include keeping the car you have now in many cases.
If you can’t make your ends meet and are stuck between paying for your car and handling your other debts please give the Law Offices of William Waldner a call at 212-244-2882 for affordable debt relief and bankruptcy help today and for a free consultation. We will look at your auto needs to give you financially responsible options for owning a car after your bankruptcy. As of 11/12/13, we have a 100% Chapter 7 bankruptcy discharge record in New York City, and know exactly what to expect with every consumer bankruptcy case we file.
This article is intended for educational purposes only. By reading this article no attorney-client relationship has been created.