Can i get rid of my car payment and keep the car and be able to buy a house???
2007-03-11 20:26:40 · 3 answers · asked by kcir1979 1 in Business & Finance ➔ Renting & Real Estate
Not really.
If you own a car with a loan then the lender gets the car back if you do not keep up the payments. They have a valid claim on the car. A bankruptcy court can change the loan terms but the court is there to also protect the lender as well as you while working out a solution.
If you have had a bankruptcy you can buy a house after lenders deem you have successfully turned things around. They will see you both as a risk and as less of a risk. They know that some of your problems are now behind you. They also know that you are limited in your ability to file bankruptcy again. At the same time they know that you were a problem and failed to manage credit well so maybe you still have problems. That maybe you have not learned.
Bankruptcy does not wipe the slate clean and make you appear to be a good credit risk. It provides a fresh start with some strings (the negative of having filed BK on your credit file).
2007-03-11 20:38:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well usually when someone files for bankruptcy, you do have to appear in court, the creditors also have a chance to appear. The creditors that do not show up loose whatever item you have of theirs. Any that do show up they give you a chance to make payment arrangements or return the item. You need to be sure to find out what chapter you are going to file. there is chapter 7 or chapter 9. I am not sure which one is best for you, but you should check them both out. Once you do file it stays on your credit report for 7 years. It pretty much ruins your credit for 7 years, but if that what it takes to get you out of the bind you are in then go for it.
2007-03-12 03:35:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nope
2007-03-12 03:34:23 · answer #3 · answered by kevin_4508 5 · 0⤊ 0⤋