Bankruptcy Auto Loans - Buying a Car with Bad Credit After Discharge
Author: Jason Lanier
Do you want to know how people who have just declared bankruptcy and yet they managed to buy a car with bad credit in just a few short months? In some cases, it's immediately after discharge.
Instead of drowning in the what-ifs of this matter, you can take action instead and find the most effective ways on how to get the best deal on a car loan.
While you can in fact expect most lenders to shun you away because of your credit standing, there are also a few that will accommodate you just as well as prime lenders do with those who have stellar credit worthiness.
Now that you know that there are lenders that would actually want your business, the next step is finding out how to locate them. Your best bet would be secondary auto lenders or subprime lenders because they are the ones that entertain loan applications from bad credit individuals.
Always make certain that you only deal with reputable online lenders such as those affiliated with the Better Business Bureau Online. One of the most important benefits of working with online lenders is that you would have an easier time getting approved.
True enough, you may have to pay a little higher interest rate than those who have excellent credit but this does not mean that you would have to bear outrageous rates either. All you need is the right kind of help from the right lending companies and you can get the car you need even after dealing with bankruptcy.
Article Source: http://www.articlesbase.com/finance-articles/bankruptcy-auto-loans-buying-a-car-with-bad-credit-after-discharge-1765319.html
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If my spouce files for bankruptcy, will the discharge of her debt remove my financial responsibility?
My spouce added my name to her credit cards as a co-signer and now she is filing bankruptcy. She is including the cards in the filing. If the debt is discharged will I still be responsible for the debt as a co-signer?
New debt after getting discharge in bankruptcy?
I was wondering what some pros and cons are for incurring new debt after getting discharged from bankruptcy. I know an obvoius con is that you may never learn your lesson, and have to file again. Are there any more? I also know that if you incur some new debt you can help rebuild your credit. Is there anything else?
I’m not in debt. This is actually for an assignment that I am having an issue with. I can’t find any information on the topic.
Can a foreclosure happen after bankruptcy discharged the debt?
I filed Chapter 7 bankruptcy and included my mortgage in the bankruptcy. The bankruptcy was discharged and I moved out of my property. Then I find out that the mortgage company has placed “Foreclosure Proceedings Started” on my credit report. These proceedings started after the debt had been discharged and I had moved out. Is this correct or is there a way to force the mortgage company to remove this from my credit report? Lenders are treating this like a foreclosure now instead of a bankruptcy.
Will my bankruptcy chapter 7 unsecured debt discharge of 09 affect my tax return?
can you reopen a bankruptcy case to add a debt that was incurred before the discharge but not known until afte?
I had a bankruptcy discharged a year ago. Today I received a state income tax due and penalties from the year 2006. Can I reopen the bankruptcy case to get this added.
you’re just as responsible for the debt as she is. what i did before i went bankrupt, i paid off the one card that my spouse and i shared jointly and cancelled it in advance. i recommend you do the same and do not include your name in her bankruptcy!!!
You cannot include any debt on your bankruptcy after it was filed let alone already discharged. You cannot include any government debt on your bankruptcy filing anyway. That means student loans and back taxes.
Generally, no. Ch 7 bankruptcy is (USUALLY) “tax neutral.”
Things to watch out for though:
If your bankruptcy involved surrendering stocks and bonds to the Ch 7 trustee to repay creditors, there may be some capital gains taxes on long term financial instruments – consult a CPA or tax attorney (not a lay person who prepares tax returns for storefront tax preparers – and probably not your bankruptcy attorney who is likely not as well versed in tax issues as a CPA or tax attorney).
If your attorney was unable to exempt your anticipated tax return and you were told you would need to turn it over to the Ch 7 trustee, do whatever you were told to do. Don’t “forget” and just hope that nobody else remembers either — this could cause problems. This will not apply to everybody. In some states and some particular bankruptcy cases, your attorney is able to exempt any expected tax refund, in which case you do NOT need to turn it over to the Ch 7 Trustee. If you aren’t certain, ask your bankruptcy attorney.
You may receive ERRONEOUS 1099-C forms from some creditors. Creditors are NOT supposed to generate 1099-C forms when some part of a debt is discharged in bankruptcy, but many creditors either do not realize this or accidentally generate them anyway. This is one of the main differences between “negotiated debt settlement” and bankruptcy. Those negotiated debt forgiveness agreements can generate BIG tax liabilities, but bankruptcy never does.
Check with your bankruptcy attorney, of course, if you receive any 1099-C forms from creditors for debts discharged in bankruptcy. Your attorney will probably tell you to ignore them because – in the case of bankruptcy, but NOT in the case of “debt settlement” – they are in error — but of course do NOT take legal advice from anonymous total strangers on the internet — check with your attorney regarding ANY legal suggestions you see ANYWHERE on the Internet, including this one.
If you mortgage was included in your bankruptcy and the debt was discharged your credit report should read “Included in bankruptcy” and show a $0 balance.
You can either dispute this account with the credit bureaus or have your lawyer fire off a strongly worded letter to your ex mortgage company.