What Leads to Bankruptcy?

There are a several things that can result in one having to file for bankruptcy.

What Leads to Bankruptcy?

  • High credit card debt
  • Medical bills
  • Student loans
  • Foreclosure of a home

We know that these events affect your credit score and will impede your chances of being approved for an auto loan…or any other loan, for that matter.

Here at Auto Credit Express, we have been helping people like you through these situations since we came on the scene back in 1999.

Seeing the Signs of Financial Collapse

Some of these situations are easily avoidable, while others are not. Some situations are simpler to get out of than others, while multiple issues may leave you with no choice other than to file for BK. Some of these issues are:

  • Credit cards. Oftentimes, high credit card debt is caused by needless overspending.
  • Medical bills. Sometimes a simple trip to the emergency room turns into thousands of dollars; thousands you don’t have. This can easily trigger a domino effect in your finances.
  • Student loans. There are times when that schooling you paid for did not lead to that dream job, and as a result you find yourself unable to pay for it. While credit card debt and medical bills can be discharged in a BK, student loans cannot.
  • Foreclosure. The loss of a home is a huge event for homeowners. Losing a home can be devastating not only financially, but personally. This can leave a huge mark on your credit.

All of these unpaid debts will do damage to your credit history, and sadly, these situations will make it very difficult to purchase a car when you need one most.

What Can I Do?

If you are already in too deep, don’t fret; we can still help. Helping those who have been in horrible financial situations get auto finance is what we do here, and it’s a great way to rebuild your credit. We want you to have that reliable vehicle so you can get back on track, so what are you waiting for? Fill out the quick and easy application today to see what we can do for you!

Posted on July 22, 2014 by in Bankruptcy
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