While most people dread bankruptcies, they may be the only option, especially if you have a lot of debt and find yourself sinking further and further into debt with each month. Bill collectors can hassle you, the establishment can harass you, and you may end up losing some things, like electricity, if you can’t pay. However, if you’re going through a bankruptcy or just did, you may still need a vehicle. Car loans in Houston TX can be found, even if bankruptcies have been in your recent past.
Assets And Paying Back Your Creditors
Bankruptcies can either erase your debt or require you to pay some of it back, depending on the type. With Chapter 7, your debt is eliminated, and you start afresh. Most people think that means they can find a loan for a luxury vehicle, but that may not be possible. If you purchase a luxury vehicle, the judge may require that you sell that one, buy a cheaper one, and use the rest of the money to pay off your debts.
Likewise, Chapter 13 requires that you pay some of that debt, so finding an inexpensive vehicle is best, especially if you plan to use a loan to get it.
Should You Wait?
Once you file for bankruptcy in Houston TX, you cannot do so again for seven years. This means that if you get over your head, you have to deal with trying to pay off debt and deal with collection agencies until those seven years are up. Therefore, many lenders are more willing to give car loans to people like you because they have alleviated some of their risks. Visit The KEY now, helps rebuild your score and get you a vehicle.
