Car Loans After Bankruptcy

There are many bankruptcy myths. Some people believe they must give up a vehicle during the bankruptcy process. However, there are many options for keeping a car, even if monthly payments are still being made. Another myth is that it is impossible to obtain loans with a low credit score when there are actually many companies that will help post-bankruptcy consumers with their borrowing needs.

If you are struggling with your finances and have questions about how the bankruptcy process will affect car loans, the Arizona bankruptcy attorneys at the Harmon Law Office, LLC, have the answers. Contact a lawyer today by calling 480-829-0494.

Car Loan Options

There are many ways of keeping a car loan following bankruptcy without giving up your vehicle. The following options are common amongst bankruptcy filers:

• Reaffirm current loan
• Negotiate conditions of loan
• Continue to make payments
• Transfer current car loan to another lender

It is also possible to get a new car loan in the years following bankruptcy. A lender will most likely have certain restrictions placed on who they will accept. These may include requirements such as time spent with current employer, monthly income, and financial responsibility after bankruptcy.

Contact Us

For the majority of us, a car is essential to getting to work and other destinations. Just because you are going through bankruptcy, you do not necessarily have to give up your vehicle or be restricted from getting a new loan in the future. Contact the Arizona bankruptcy attorneys of the Harmon Law Office, LLC, today at 480-829-0494 to learn more in a free consultation.