Ray Fisher Law Offices | Ray Fisher
Normally, with a down payment, you can get a mortgage loan 2 to 4 years after your discharge. You can normally get a car loan immediately with 1k-1500 down. You get a car worth 12-20k with about 20-40k miles on it and payments of $350-$450 with interest rates from 20-30%.
Answer Applies to: Texas
Law Office of Maureen O' Malley | Maureen O'Malley
If your bankruptcy is still going on,you need to ask the court for permission to incur debt. If you.ve been discharged for a couple of years withno other credit applications you maybe able to get one now. Just beware interest rates, and a bigger down paymentshould help.
Answer Applies to: Virginia
The Law Office of Marvin Wolf | Marvin Wolf
A Chapter 13 bankruptcy does not stay on your credit report for 10 years - only 8 years - the same as bad credit. The clock doesn't start ticking until you put it on the report, so make sure the bankruptcy is being reported. The problem is not getting a car loan - even a chapter 7 debtor can often get a loan while he is still in the bankruptcy - the issue is the amount of interest you pay because of bad credit. 20%-28%. It may be smarter to save up money and buy a cheap but reliable used car. Disclaimer: The above is legal information but not legal advice and no attorney-client relationship is formed. Federal Debt Relief Agent and Attorney at Law.
Answer Applies to: New Jersey
Ashman Law Office | Glen Edward Ashman
If you filed for Chapter 13 4 years ago, in most cases you are still under a plan now. You cannot, except with court approval, get a loan while in Chapter 13 and most last 5 years. Once a case is over with the question depends on lenders, but some lenders, if you are at least 2 years past a bankruptcy and otherwise show decent credit, will consider you.
Answer Applies to: Georgia
Carballo Law Offices | Tony E. Carballo
If your income is adequate you should be able to get a car loan anytime. If your Chapter 13 case is still open you will need permission from the Trustee to enter in to a car loan agreement because you need to justify the loan. The basic rule to get a mortgage is at least three years from the date your filed the bankruptcy case. Again, if your case is still open you will need permission from the Trustee and it gets complicated in case of a mortgage. It is better to wait until you get your discharge and your bankruptcy case is closed to try to obtain a mortgage. Chapter 13 remains in your credit report for 7 years, not 10 as in Chapter 7.
Answer Applies to: California
Tucker Legal Clinic | Samuel Tucker
Extension of credit is ultimately up to the lender. You will better off after your discharge than before - credit scorewise. You can apply the day after you file a CH 7 (not recommended), but you need the Ch13 trustee's approval if you are still in your plan.
Answer Applies to: Mississippi
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
with luck and hard work 3-5 years.
Answer Applies to: California
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
It depends on the finance company. I have had people get new financing for a vehicle while in bankruptcy. You may have to pay a somewhat higher interest rate, but you should be able to get one now, assuming that you have kept a clean credit record and hopefully have been building up some kind of credit history (paying mortgage, etc.)
Answer Applies to: Michigan