Can I Get A Car Loan While In Bankruptcy?

Yes you can get a car loan while in bankruptcy! Getting a car loan while in bankruptcy requires you to work closely with your legal bankruptcy team, but the results can be very rewarding to you. By the way a car loan is the number one way to begin reestablishing your financial status.

Filing a bankruptcy can be a very difficult experience for those that can find no other way out. It can be stressful, depressing and humiliating to say the least.

The good news is that if you utilize your legal team they can provide a positive beginning and help free you from all the negativity of a bankruptcy. You will have brighter days ahead with a new financial future.

When someone files bankruptcy, they obtain an attorney to represent them throughout the process. You will meet with the attorney and reveal all your financial statements along with your income paystubs. You will list any and all assets so that the attorney is able to establish a true picture of your personal situation.

Once he files the motion for bankruptcy with the county court you will then be appointed a bankruptcy trustee. This trustee is the key to helping you get a car loan while in bankruptcy. Your attorney and the trustee will meet with you to help you determine the need for a car and the means you have to responsibly repay the loan.

If the attorney and trustee agree that you have the need to get a car loan while in bankruptcy, the trustee will write a letter of permission. This will be a legal document that will be filed along with your case.

In addition, your legal team will offer you advise and suggestions before you obtain the auto loan. Because your team has your best financial interest in mind, it is a wise choice to listen to their advice.

More than likely they will advise you to purchase a used car because this will be the easiest way to get into a car loan while in bankruptcy. Ask them if they know any dealerships that specialize in special financing for people in bankruptcy. This can be a good source for you so you won’t have to drive all over town trying to find someone that can help you in your situation.

Using the expertise of your legal team will leave you confident that you will have a loan that you can repay in a timely and dependable manner.

By: Mike Reitz

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