2006-10-17 09:18:12 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Amazing! These people can't read. If they could, they would have seen where you said "after filing"....not "after discharge". Two completely differant things, and very differant rules.
NO you can not buy a car. When you file for Chapter 13, you are expected to disclose your current assets. Once your "plan" has been approved, you can not acquire new credit without permission from the trustee and courts. If you pay cash for the car, you get to explain to the trustee where the money came from and why you didn't disclose this hidden stash of money.
2006-10-18 08:16:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
OF course you can. I have approved borrowers for 100% financing the very next day after the bankruptcy was discharged. This is not everyone's situation of course. If you have shown payment histories for 6, 12, 24 months on accounts, that will show on your credit report and is still calculated in the score. There are plenty of auto-financing companies that will finance you-because they can reposess if you don't pay. If you don't pay your mortgage, they will foreclose. And there are many options that exist to obtain a credit card also after a bankruptcy, secured credit cards will report to the credit bureaus and will help reestablish credit, or partially secured cards that will require, for example, $150 down for a $300 credit limit. If it is not too late, try to maintain 1 or 2 accounts and keep them in good standing throughout the bankruptcy process. This will give you existing credit with good payment history, and since part of your score is made up of how long you have had credit with your creditors, this will boost your score through the process. Check your credit through a self initiated process such as annualcreditreport.com, www.truecredit.com, or mycreditinform.com. Make sure you check your scores. Checking your own credit without applying for credit will not lower your score. If your scores are in the mid 500's you could check creditors guidelines and begin to reestablish credit. Hope that helps! Bankruptcy is not the end. Bad things happen to good people!
2006-10-17 18:07:39 · answer #2 · answered by hollygirl732001 2 · 1⤊ 0⤋
Yes you can. Creditors know that they will get their money back out of you one way or another because you can't file again for 7 years. With in a month you will recieve multiple credit card offers and finance offers because these institutions know they'll get their money back!
But do yourself a favor. If you do file, don't get in that vicious cirlcle again. Save your money and pay cash for a car. Pay cash for everything for that matter!
To re-build your credit you can put $500 in a savings account. Get a loan for $500. Use the $500 in the bank as "collateral" and make the monthly payments on the loan.
After a few years, buy a house and carry a mortgage. That way you will have equity to borrow against in the event of financial trouble in the future. It will also help build a nice nest egg.
2006-10-17 16:37:12 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It depends on the lender.
You will have an easier time buying a car, house, or major appliance rather than obtaining a credit card since they act as security for the loan. they can always repossess those items if you don't/can't pay
2006-10-17 16:23:02 · answer #4 · answered by goldenboyblue 3 · 0⤊ 0⤋
Its actually easier to get credit immediately AFTER a bankruptcy that before. The lender knows you can't declare bankruptcy again for a certain number of years.
2006-10-17 19:03:28 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
Sure they can... with cash.
Filing for bankruptcy doesn't mean you cease to exist... just that you won't be able to get loans anymore without paying extortion level interest rates. You've shown yourself to be a bad risk, so if any bank is going to take a risk on you, it had better be worth it. Risk vs. reward.
2006-10-17 16:22:56 · answer #6 · answered by andalucia 3 · 1⤊ 0⤋