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Financing a car after Chapter 7 bankruptcy

Many Kentucky residents are weighed down by the burden of debt. Medical bills, credit card bills and other loans have simply become too much. When this happens, some begin to consider filing for Chapter 7 bankruptcy.

The decision to file for bankruptcy can be a difficult one to make. Many times, the individual thinks that it will be more difficult than it actually is. Furthermore, the individual expresses concerns about being able to secure financing for needed items such as a car. In reality, the bankruptcy process is typically worth the time and effort due to the financial burden it removes. Additionally, many individuals find that they are still able to finance a vehicle immediately following the discharge of their debt.

Many car lenders have excessive inventory. In addition to the hundreds of new cars sitting on their lots, they also have an excessive supply of pre-owned vehicles. With this abundance of inventory sitting on the car lots, many individuals who have just completed the bankruptcy process have found it possible to obtain auto financing. In fact, some individuals have reported receipt of auto credit solicitation letters soon after filing for bankruptcy.

One of the greatest Chapter 7 bankruptcy fears that a Kentucky resident has is the inability to obtain reliable transportation. Without a reliable vehicle, getting to and from work, the store and other necessary places can be difficult. However, in today's environment, bankruptcy does not mean that the individual will not be able to secure financing. Many car lenders need to reduce their inventory and are willing to work with individuals who are working to change their situation.

Source: bankrate.com, "Can I buy car after filing Ch. 7 bankruptcy?", Justin Harelik, Accessed on Feb. 5, 2017

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