Wednesday, May 12, 2010

Post Bankruptcy Auto Loans

Your borrowing capacity may have taken a beating post bankruptcy. But that in no way means that you can’t get an car loan after bankruptcy. We at loansstores.com have helped millions get the best rates and terms for post bankruptcy auto finance. If filing bankruptcy was appropriate for your financial difficulties then its time you stop fretting over the past and look ahead. Visit our website and read our client testimonials to know how our bankruptcy car loans helped them get back on track effectively. Don’t let bankruptcy bog you down, act now and start getting back on the track! So what are you waiting for, click the link below


To get your car loan after filing bankruptcy you will have to get approval from the trustee who handles the finance after bankruptcy. They would evaluate your financial situation and approve auto loan after bankruptcy. Basically your income and expense level, repayment ability and need for the car are assessed here. This done,  we can help you get the best deal on auto finance as we are a specialist loan company and help people with all kinds of needs and profiles to get loans.  In fact we can offer you some great deals on bad credit car loans guaranteed approval that will help you get a car even with bankruptcy and slowly and surely by paying up you will see your credit rise too! Your situation and need for the car form the basis for considering your application and we look beyond bankruptcy.  The following tips will help you prepare

1. Evaluate and update your credit report. Ensure all details are accurate and updated. 
2. Plan your car purchase and don’t get carried away and take an expensive car that you may not be able to pay off
3. Explain the reason for bankruptcy and your plan forward
4. Consider refinancing after some time.
5.  Approach specialist lenders for bad credit bankruptcy auto loans

Get the best rates for bankruptcy car loans now!

Sunday, May 2, 2010

Auto Loans During Bankruptcy Filing

The kind of bankruptcy where the borrower files the petition but he still does not have discharge papers from the government is known as an Open bankruptcy. We will help you get the bankruptcy related services at Loansstore.com. Without the discharge, papers the debtor cannot get relieved from the creditors. The person who borrows the auto should have the permission of the trustee of the court. However, keep in mind that an open bankruptcy does not still release an individual from the debt. You can still obtain guaranteed approval auto loans for your auto, even if you are still involved in an ongoing bankruptcy case. There are three kinds of bankruptcies:
  • Chapter 17
  • Chapter 11
  • Chapter 13

In all the above types of bankruptcies, a debtor is allowed to file for bankruptcy and still obtain loan approval by the automobile lenders. However, there are certain steps to be practiced prior to availing car loans during bankruptcy in each type of the filed bankruptcy cases. In chapter 7, the borrower can only avail a loan if he has participated in the creditors’ meeting as per the law section of 341 of the United States government. If the borrower is not able to receive loan from the lenders then the discharge is generally granted in a period of couple of weeks of section meetings. After which the borrower is enable to get loan from the lender. 

In chapter 13 after you, get the permission from the trustee you have to approach your attorney for availing loan. The amount of loan is decided by the court. You should not enroll for a loan before approval by the court otherwise your bankruptcy filing can be canceled. If a cosigner from the lender files a bankruptcy case and the borrower is unable to pay up then, the loan is under default and the lender possesses the car. You can also inquire about no cosigner auto finance. Hence, before taking any action properly inquire about bankruptcy auto loan. If the buyer does refinancing of the loan without informing the cosigner than the co signer is not responsible for the loan. Moreover, if the borrower expires in any situation, than the loan is not forwarded to anyone.

Click here to know about types of bankruptcies.