Knowledge is power.
Bankruptcy and your credit.
Although it may seem that your situation is unique remember this, over 70,000 people file for bankruptcy every month!
Today anything can happen that causes financial troubles like losing your job, unexpected medical bills, divorce, or heavy credit card use. For most of us any of these could put us into bankruptcy. But bankruptcy isn’t the end it should be a second chance for a fresh financial start. The faster you get your credit back the more you will save in interest charges and the easier it will be to buy a home or get that good job. Getting your credit back can EVEN help lower car insurance rates.
While filing for bankruptcy has many positives, the unfortunate part is that it will stay on your credit report for ten years. Again, with a secure purchase after the bankruptcy such as an automobile your credit score can be higher in 1 year than it was before the bankruptcy filing.
What is Reaffirmation?
By entering into a reaffirmation agreement for your automobile you are promising to pay the loan even after your bankruptcy discharges. This means you are giving up the protection of the bankruptcy court. If something happens to you after your bankruptcy and you cannot pay your car loan, the lender will garnish your wages.
Our affiliated auto dealers.
The Bankruptcy Information and Reestablishment Center has created unique relationships with qualified dealers nationwide to help people begin re-establishing their credit after bankruptcy by making an automotive purchase of a new or pre-owned vehicle.
Our Bankruptcy Solution Center local affiliates are selected based on the following qualifications:
• Inventory of new and pre-owned vehicles to meet your automotive needs and desires.
• We look for dealerships who have built exceptional relationships with lenders that specialize in bankruptcy financing while offering the best finance package available.
• Dealers that put the customer first, and that believe this first purchase is only the beginning of a long dealer-client relationship. Our affiliates understand that you the customer will continue to purchase vehicles with them if they treat you with the respect you deserve, and get you a great deal.