Do you have an open Chapter 7 or 13 bankruptcy? A discharged Chapter 7 or 13 bankruptcy or bad credit? Or are you simply trying to decide if filing for bankruptcy is the right decision (for you and your family?
If so, this page is for you. My passion is to help and see people achieve financial success, and having good credit plays a large role in achieving that success. I have helped hundreds of people get an auto loan after filing bankruptcy, even as early as the day of filing.
There’s a lot of information here, but it’s all important and it’s all intended to help. Take the time to read through the entire page and carefully consider your options. Then contact me to schedule a FREE, no-obligation phone consultation to discuss what’s best for you.
Every person’s situation is different, and the path to better credit and financial recovery can look different from one person to the next. Call me today so we can explore the best path for you.
Rebuilding Your Credit
If you’ve just recently filed for bankruptcy, you are probably relieved of all the weight that has been lifted. But at the same time you’re probably worried. Will I ever be able to get another loan? Or own my own house? Will I now have to buy a car from one of those buy-here-pay-here type places? Am I stuck driving an old, unreliable junker now? Should I keep my current auto loan, or include it in the bankruptcy?
The good news is there may be options for you right now. And if you do things the right way, you can build a bright financial future by saving and investing while building a great credit score. But credit scores don’t go up by doing nothing! If you want to build your credit so that you can start qualifying for low interest rates again, you have to demonstrate the ability to repay debt.
I know, I know—you just had to file bankruptcy due to getting into debt! I am in no way advocating for anyone to get into irresponsible debt. I am suggesting that debt can be used methodically and responsibly.
I do not assume that just because someone filed for bankruptcy means that they are financially irresponsible. I have helped and known many people who had to file a bankruptcy because “life happened.” Divorce, job loss, accidents, injuries, and illness are all examples of things that can completely change your financial outlook.
And yes, there are many people who end up bankrupt because of poor financial decisions and overspending. DO NOT take out methodical debt unless you’ve learned how to manage your finances well and have developed the discipline to not overspend.
Benefits of a Small Installment Loan
In my opinion, the best type of methodical debt to rebuild credit post-bankruptcy is an installment loan. I recommend a small loan for a simple reason: most likely, you’ll have a higher interest rate, so the smaller the loan you take, the less interest you will end up paying.
One of the smallest type of installment loans that is readily obtainable by someone who just filed for bankruptcy is an auto loan. Other types of small installment loans, such as personal loans or loans against something of little collateral value, are very hard to get approved for while trying to rebuild out of a bankruptcy.
But do not be misled: an auto loan with a high interest rate can be a very dangerous loan. A vehicle depreciates in value and has the potential to incur expensive repairs. There are different elements in the whole transaction, from the loan itself, the person who sells you the car, and the car itself that can make the situation a financial nightmare!
That’s why I work closely with individuals to determine the best path based on all extenuating circumstances. Bankruptcy doesn’t happen for just one reason, and in the same way, there is no one-size-fits-all solution to rebuilding credit.
I’ve helped hundreds of people get an auto loan after filing bankruptcy, even as early as the day of filing. That’s right, you typically DO NOT have to wait until discharge to start building your credit! If you want to see if you qualify for an auto loan, and take the first steps towards financial freedom, you can either call me or fill out this credit application.