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Car Loan and Bankruptcy

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Anonymous
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Car Loan and Bankruptcy

Hi All, I would like to give you all a quick backstory to see if you can assess and help me make a good decision. I filed Chapter 13 approx 08/16. I’m now regretting filing Chapter 13 and have been debating on filing Chapter 7, I had approx $108k in debt $32k of that being in my car loan. I would like to see how much luck people have had getting financed if they convert to Chapter 7 and surrender the vehicle. I’m looking to finance something in the 25k-27k range. What advice can anyone provide me?
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Anonymous
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Re: Car Loan and Bankruptcy

Odds aren't bad from BK7 based on data points in these threads I found using search:

 

and many more threads found through search with great data points.

 

Honestly, though, please look into used cars at half the price of that range just to make sure you can also put aside a hefty emergency fund so you never find yourself facing BK again!

Message 2 of 4
Anonymous
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Re: Car Loan and Bankruptcy

I’ve been blessed since filing that I have been engaged and am blessed that my husband and I have got a pretty solid emergency fund put back. We only have 1 of his credit cards carrying a Balance right now and the other 2 are paid off. We are both members of NFCU and PenFed so refinancing in about a year after taking the loan out seems to be our best plan of action if I get an astronomical interest rate.
Message 3 of 4
Anonymous
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Re: Car Loan and Bankruptcy


@Anonymous wrote:

Odds aren't bad from BK7 based on data points in these threads I found using search:

 

and many more threads found through search with great data points.

 

Honestly, though, please look into used cars at half the price of that range just to make sure you can also put aside a hefty emergency fund so you never find yourself facing BK again!


Thank you posting this!! Dont want to high jack, however I will be shopping to get a car soon and was looking for info just like this!! Ill be creating my own thread soon with my own personal journey, including data points!! I love these forums! 

Message 4 of 4
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