how difficult is it to buy a new car after bankrupcty chapter 7?
439773
isnt that the sort of thing that caused you to file bankrupcty in the first place?
807218
It takes time to restore your credit. You can't buy it back, that would be illegal.
646454
I have been working in the mortgage industry for about 4 years now. Let me tell you up front, in all honesty, it's MUCH more difficult to work with someone who has a previous bankruptcy than someone who doesn't, even if both customers have the same credit score! From a lenders point of view, when you have a bankruptcy we automatically downgrade your credit grade even if you're credit is restored and you have a 700 score. Normally a 700+ score would place you in an "A+", "A", or "A-" credit grade depending on a few things such as mortgage payment history. However, when we see a bankruptcy less than 7 years out, we will bump you down to a "C" credit grade or less. Which means you won't be able to obtain maximum financing. Most lenders max out at 80% or 85% LTV (loan to value) with "C" credit grade / bankruptcy. That means if you wish to purchase a $100K house, you would only be able to finance $80K or $85K of it. There are lenders out there that will still lend to customers who may be even one day out of discharge, but you're going to get raped on the rate. It's always best to avoid bankruptcy at all cost! If you have to do it, look into filing a chapter 13. Filing a chapter 7 is basically like throwing up a big middle finger and saying I'm not paying anyone any money. That's why it has a 7 year period. In all reality though, I still have customers come to me that had a bankruptcy more than 7 years ago and I STILL see it on their credit report. Chapter 13's typically last anywhere from 2-4 years, and in a C13BK you work to pay back negotiated amounts. This will always look better than paying back nothing at all.
1172874
1st, there was a similar question to this a few days ago from confused dude.  You might try to find that answer in case this one leaves something unaswered.  \n\nNow, as I said then, I am NOT a bankruptcy Attorney and this is NOT legal advice.  This is what I remember from a bankruptcy (bk) class where I got a crappy grade.  There are 2 kinds of consumer bk.  Chapters (ch) 7 and 13.  You will need to do a credit counseling session before either ch. This will cost about $50 or so and is supposed to help prevent you being in this situation again.  \n\nCh 13 is a court approved payment plan called a re-organization where your 'excess' cash goes to pay a portion of the bill that you had before you filed for bk.  This is still easy to get into but you will be in this plan for 5 years.  \n\nCh 7 is a discharge of your obligation to pay.  You have to qualify under income guidelines that vary per state.  Under this ch after your non exempt stuff is (sold and the cash) applied to your debt it is discharged from your having an obligation to pay it.  It does not go away and co-signers will be obligated for it at that point.  There are exceptions to discharge and some of these are: student loans, taxes, child support, and fines.  This list is not comprehensive.  Also, property that is being used as collateral for loans (house, car, etc.) can be taken back or repossessed by the lien holder is arrangements are not made regarding those items.\n\nSo, if you can qualify for a ch 7 bk then you should probably not have to pay for the credit cards.  If you have to do a ch 13 then you would have to pay a percentage of what is owed to the credit card companies.  Generally this is not a really high percentage.\n\nI didn't mean to give such a long answer but I thought that knowing what your options are and what problems you might encounter would be helpful.
830876
You need to get your papers out and read through them. Most car companies will just come repo it in the middle of the night. Sounds to me like you're buying a car from one of those $50 dollar a week no credit needed places. They generally are a lot tougher than a financing company like Ford or GMAC. Those two will send you a letter threatening to repo after you're 60 days late. Never heard of it being done at 30 days.
189505
Go to several dealers and interview the finance people and tell them your situation. A car dealer wants to sell you the car so they will work hard to get you financed. \n\nIt would be helpful to you that all your accounts that were discharged in Bankruptcy report on your credit files as "Account included in Bankruptcy". IF you haven't done so then get copies of your 3 credit reports at www.annualcreditreport.com. It's free by law once a year. Review your files for accuracy and dispute any item you believe to be negative. Each investigation will take approx 30 days.\n\nWhen you are ready to buy make sure you do all your rate shopping within a 14 day period so that all the inquiries will only count as one.\n\nGood Luck
743611
Rather you just give it back or they come and take it, yes you will have a repo on your credit. They will resell the car and you will owe the difference in what they sell the car for and what you owe on it. Your credit will be in a mess for seven years. A repo looks very bad, worse then a collection or charge off. I would call them and see if they will work out a payment plan with you to get caught up. Maybe you could try to sell it. You are running out of time if you are already three months behind. They will be coming after you for the car soon....If you wouldn't have let yourself get three months behind, you could have refinanced the car and gotten a lower payment.
443411
One day.  If you kept some payments on time throughout the Bankrupcy and have a decent credit score you can qualify for up to 100% financing.  Contact your local mortgage broker.  There are only a few banks that will do that so your rate won't be great.  I'm working on one of these loans right now.  They discharged in January and I'm getting them 100% financing.  After one year it gets much easier and your rates get better.  After two years you can get a mortgage just as easy as if you never went bankrupt in the first place.
678165
Need more information in order to give you an accurate answer.  It will depend on numerous factors:\n- Chapter 7 or 13?\n- 6 months since filing or since discharge?\n- Your credit score (even though it will be low bc of the BK you still have to have a credit score high enough to qualify for a loan)\n- The amount of down payment you are putting down?
60179
I would say refinance,(try seeing if your personal bank will take over the note)because it is alot easier, and the car market isn't as soft as it used to be (a soft market means low interest rates due to high production and people buying cars. We are currently in an economic rescession, so things have gotten tougher, or a 'hard market')so your probablility with getting an interest rate that is not much different or worse is higher that what I would want to risk. Also, speak to your personal banker. you may be able (if you have any) to pull some equity out of your car and use it to pay off more on your credit if that is high on your priority list. Good luck.
378409
Yes you can but it's tricky!\n\nSelling it yourself\n\nA private sale is often the best choice, since you'll get a lot more for the car than if you trade it in at a dealership. (See “Make a bundle by selling your own car.”) But it can be a lot of work -- and kind of tricky to pull off.\n\nYou first need to:\n\n    * Check with your state's Department of Motor Vehicles (DMV) to get all the required paperwork and procedures for transferring ownership of your car.\n    * Check with your lender to find out its procedures on how to get the lien released on your vehicle.\n\nA lien is a kind of legal wheel-lock that lenders put on financed vehicles. Until the lien is released, the vehicle can't be transferred to a new owner.\n\nMost lenders will want you to pay off the loan in full before they release the lien, which is a problem if you need the buyer's money to pay off your debt. Your problem deepens if you need extra cash on top of the buyer's payment to retire the loan.\n\nTrading it in\n\nA trade is by far the easier choice, since the dealership handles all the paperwork. You also could score one of the new-car incentives that might help you erase or at least reduce your debt.\n\nLet's say you're $2,000 underwater on your car. A $4,000 rebate could erase that debt and give you a small down payment on your replacement vehicle, Nolan said.\n\n"There are so many incentives and cash-back rebates out there that you should be able to find one," he said.\n\nThe downsides: You'll get less for your old car than if you sold it yourself, and you may be vulnerable to some of the dealers' worst tricks: overcharging you for the new car or the new loan, or both. (The dealer knows you're either desperate or not very sophisticated financially if you're selling a car on which you still owe money.)\n\nAnd worse, despite the big rebate on your new car, you’re instantly underwater, because rebates aren’t magic. A $20,000 car that carries a $4,000 rebate is realistically worth $16,000 -- and that value starts dropping the minute your new car becomes a used one. The damage will be even worse if you’ve rolled over old debt into the new loan.\n\nAnd then the cycle starts all over again.
989879
simply put, no, and because of recent law changes it's more difficult to file chapter 13. You need an attorney.
558766
It is not a desirable option, but bankruptcy may be the only way to keep a vehicle needed for work in the situation you have described.  Contact a bankruptcy attorney soon for a consult.  Once the vehicle is repossessed, the fees will be even higher and will be due immediately along with towing/repo fees and and penalties then the vehicle often gets sold at auction pretty quickly.  Don't let it go this far without taking action yourself.  It is solvable with quick action on your part.
458379
Yes and no. If you have declared bankruptcy, 10 years. Non-payment and late payments...2-7 years. There is a reason people get bad credit...unless you change your ways, you will just keep on adding to the pile. 7 years is a very long time. Start today to clean it up, or nothing will have changed in 7 years. Good luck
138417
All your accounts stay on for a min of 7 years and some stay for 10 years.  Including the fact that you claimed bankrupcy.  \n\ngood luck to you.  Try to say out of debt this time around.
1036995
Machelle,\n\nI don't want you to take this the wrong way, but honey, you need to slow your roll.\n\nWatch your actions, they become habit.\nWatch your habits, they become character.\nWatch your character, it becomes destiny.\n\nYou filed for bankruptcy for a reason.  \n\nStop living beyond your means.  You didn't luck up on a car where you owe $10,000 MORE than the trade in value.  $567 a month is rent on a one-bedroom aparment in the South!\n\nThere is nothing shameful about leaving below your means.\n\nRefinancing is not an option in your situation.  You are upside down.  Why would a finance company want to pay your loan off at $23,500 when the value of the car is $10,000 less than the loan?  The collateral is inadequate.\n\nIf you don't pay the refinancer, they have a net loss of $10,000 when they repossess your car from your work place parking lot..\n\nI think you need to return the car to the dealer, take the hit on your credit report, and start riding the bus.  I can NOT believe that you filed for bankruptcy and thought it was cool to pay $567 for a gas-guzzling SUV after you discharged your debts..\n\nYou got the bruise, but didn't learn the lesson.\n\nYour credit is an extension of your character and it is time that you take inventory of your character.\n\nYou are NOT your car.  Who are you flossing for?\n\nGet a used Honda hooptie and make life easier for yourself.
1013417
This is easy! Take the car back and tell them you expect a full refund. If the bank is changing the terms of the contract it is void. Meaning you never bought the car and all your money should refunded without question. Find a better dealership to deal with on your next vehicle. \n\nIn most cases if the dealership wants you to come back to do some bargining that means they had an error in their math and they short changed themselves. They want their money. This happen to my brother in law on and Audi TT. They screwed the numbers up and shorted themselves about $4000. He saw the error signed the papers and drove off. only to get a call 3 hours telling him he owed $4,000. He said sue me and hung up. They called him everyday politely asking if he would do the right thing and pay them the money and he refused. He told them all the years of getting screwed over by car dealers, it was nice to share in their joy of screwing people. I don't blame him.