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How Do I File For Bankruptcy?

I had to file a bankruptcy when i lost my job due to how bad the economy had gotten..i have since found....?

  • I had to file a bankruptcy when i lost my job due to how bad the economy had gotten..i have since found another job(been there 1 year) and i currently make 17.35/hour...im in need of another car and my question is, will i be able to get one financed with a discharged bankruptcy on my credit report...i don't plan on getting anything fancy...i just want something very reliable and good on gas..i saw a car that is around 15k...i plan on putting down 5,000 which i have saved up and i currently have NO DEBT...will a down payment of that size help me get the car?....is the price too high?...i know i can afford it, being that i don't have any other bills...thanks in advance!!

  • Answer:

    Filing for bankruptcy shows an inability on the party of the filer to pay back money loaned to them. People with generally good credit ratings are having difficulty getting loans. People with bad credit ratings, well it's nearly impossible. Such are the consequences with not paying back what you owed. In about 7 years this will drop off your record and people will loan you money again. Until then you'll need to make most of your purchases with cash or pre-paid credit/debit cards.

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No company will make you a loan. You have a proven record of not paying your bills. Borrow from family or buy a beater for 5k

Ariaread

You can buy a perfectly fine car for $7,000-$8,000... why would you get such an expensive car when you don't need one, you don't have good job stability and if you can get a loan, your interest rate will be a huge rip off? I think it's good to try for a SMALL loan between $2-4,000 that you can pay down within a year to help repair your credit. The interest rate will be really , really high so it would be stupid to get any larger of a loan until your credit is better.

Ring0Rosie

I recently bought a car for 5k with 70k miles on it. We also got the 3rd party extended warranty(it was like 500 bucks for 6 months) and it paid for itself in less then 30 days when we had an issue with one of the major fans in the car. Highly suggest you just get something similar and just pay in full-and I know they are hard to find but they are out there we went to several-and i mean several lots before we found ours. You seem to be on the right track saving money, not sure how long ago you filed, but if it has only been a year/year and a half you honestly should just get a used car to hold you over for another year or 2 before trying to take a loan out. If you can keep yourself from acquiring new debt for a total of 3-4 years after you file creditors will view this as a positive and it will be easier for you to get a decent loan.

Kai

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