Summary: Chapter 13 Bankruptcy

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Buying a Car While in a Chapter 13 Bankruptcy
When you declare bankruptcy, sometimes it’s possible for you to buy a new vehicle. After going to painful process and paperwork’s, your car is probably not yours anymore. When you reach chapter 13, there is a good possibility that you can apply for new vehicle at the car dealer. This is the first problem, not every car dealer will agree to sell you a car when you declare bankruptcy. But if you get the proper information’s, you will find that this option is available at some car dealers. It’s not easy, but it can be done.
In Chapter 13 of bankruptcy, your debt is lower, it means you are just few steps away from leaving this bad period of your life. If you achieved this level, one of the things can …show more content…
You have to prepare yourself for the highest interest rate, which you must accept. Situation that you are in is not giving you too much choice. Luxury vehicle is not an option. You must be modest, or your trustee will not approve new debt and you won’t get a car. Choose wisely and put your pride away. Couple months ago you couldn’t think about buying anything. Trustee will put your case to the court, and you may be summoned to give additional answers to your creditors why do you need a new car. If there is no question (this scenario is also possible), your car will be at the doorsteps soon.
As you can see, first step is the most important one. Car dealer is the beginning of the whole story, they know everything needed for this kind of transaction. And who else would? They get the money in any way, smart guys. After you track down car dealer everything else that comes next, dealer will explain to you and help you during the process. Of course, his bank account is getting bigger, it’s his interest to help you during this annoying process. Basically, only thing in process you need to do is to fin experienced car dealer, and the rest is up to him. If he is smart enough, he will get the money from the bank, and you will get the new car that is good enough for your current financial situation.
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