Financing a vehicle with bad or no credit usually means high interest and large car payments. If the car is repossessed, the financer will auction off the vehicle for pennies. You will be responsible for the difference and could be sued for a car you do not have anymore.
You can file a bankruptcy with Geraci Law to handle the debt. If your car was repossessed and has not been sold, we file a Chapter 13 to stop the auction. Otherwise, Geraci Law attorneys can file a Chapter 7 to eliminate your obligation to the deficiency.
After your bankruptcy is discharged, you can rebuild credit by financing a vehicle. A way to shop for a new vehicle is to try to get a preapproval letter. Using a preapproval forces you to use a budget – if the preapproval letter approves you for a $25,000 vehicle; you know your limits.
Most people need a vehicle to get around. If you just filed a bankruptcy or have a high interest car loan, you have options to find an affordable vehicle. Step one is handling the bad debt with Geraci Law and step two is creating an affordable plan.