Buying a car Right after Bankruptcy.

Edwards Finance > Loans

Q. Basically I was unemployed after Sept 11 for about 9 months. During this time me and my wife were having some hard times and we are now going through a divorce. I have recently filed for chapter 7 as I cannot keep up with the payments, plus the car I own is only worth $1000, but the loan on it is for $6000. My lawyer recommends getting rid of the car in the Bankruptcy and finding another car. This sounds easier said than done. Won't my crdit be ruined after Bankruptcy? How will I be able to get another car loan? My credit score is around 530 at the moment and getting worse. By the way I have heard of dealerships approving people after a Bankrupcty, but when I went to a friend who is a salesman at a Toyota dealership, he said that they absolutely would not consider me for a car loan after the bankruptcy. Does anyone know how this works?

A. Since you are driving a $1000 car now, wouldn't getting rid of your bills make it pretty easy to save money for another $1000 or less car. There's a Kia dealership in my area which advertises offering car loans to people who haved filed. "If you have a job and $199.00...you can get a new car...some as low as $7900.00", etc., etc. They don't advertise the interest rate and other details, of course.

Ask Edwards a Finance Question

Other Questions:

Tax Refund After Filing Bankruptcy???

I filed for CH-7 earlier this year and I am getting ready to file my tax return. How would a refund effect my pending case if at the time I filed BK I did not know if I would get a refund?Has the BK been discharged yet?...

I am currently in Chapter 13 and making payments to the trustee. I have scads of students loans from multiple lenders and a percentage of them are being paid through the trustee. I just applied to consolidate all my student loans with a sing...

My employer is based in NH. He did not deduct any State tax from my wages for 2005. In W2 box 15 (employer state) is empty box 16 (wages and tips) is also empty I reside in NJ How do I handle this? How do I calculate state tax for NJ? ...

Debt Consolidation, Good or Evil? Nobody is ever alone. Thousands are caught in the debt trap each year. Many approach debt consolidation companies, but such companies should be handled with care. Statistics show that the average American ...

Does Pennsylvania tax distributions from 401K's, IRA's, and Roth IRA's? What does Pennsylvania consider retirement age for exemption of taxes on pension income? Any thoughts about State tax issues and retirement appreciated.-401Ks and ...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects