Bankruptcy

Individuals in the US can file either a Chapter 7 or Chapter 13 bankruptcy, but you may not know which is right for you. Learning about the major differences between a Chapter 7 versus a Chapter 13 bankruptcy can help you find out.

While it's possible to buy a car while in an open Chapter 7 bankruptcy, you may not want to. Finding financing during this process is hard, due to the liquidation of assets. Plus, if you have enough cash to buy a car, it may jeopardize your bankruptcy.

It might be possible to get an auto loan while in an open Chapter 7 bankruptcy, but it may not be a good idea.

Your trustee plays an important role during a Chapter 13 bankruptcy. See how they can help you get an auto loan.

Yes, you can get a car loan after you’ve come through a Chapter 7 bankruptcy. You'll typically have an easier time getting a car loan once it's completed, but you'll find that it'll leave you with a lower credit score and a mark on your credit reports.

Your Chapter 13 bankruptcy is discharged once you’ve successfully completed the terms of your repayment plan. There’s not much difference between getting a car loan after bankruptcy than before you filed, except, of course, the type of lender you may need.

Are you wondering if you can even get a car after you’ve gone bankrupt? The good news is that it’s possible, but you have to use the right kind of lender for the job. As someone who’s gone financially bankrupt, it can be difficult to know where to turn when you need to finance a vehicle.

Though bankruptcy can be a great way to start over with a clean slate, it definitely takes a toll on your credit. Completing a bankruptcy successfully means you can typically get a car loan from a bankruptcy car dealer. But what if you need an auto loan before you’re done with bankruptcy?

You can still get financed while in a Chapter 13 bankruptcy. You’ll just need to get the court’s approval, which could take some time.

It’s suggested that you wait until your bankruptcy has been discharged because it's difficult to find a lender who'll finance you during an open Chapter 7.