You may think that applying for an auto loan while in bankruptcy is an impossible task. However, many people are able to get into a new vehicle; you just have to know how to work the system. You need the right people on your side. You must also understand what bankruptcy truly is and how you can work around it.
What exactly is bankruptcy?
Bankruptcy is a legal way to clear yourself of debts that you cannot pay and will not be able to pay. However, it does not mean that you have no money. You do not have to be completely down to your last dime to declare bankruptcy, nor do you have to give up all of your assets in order to get out of it. As a matter of fact, the bankruptcy process is set up so that people do not fall to their lowest point. Although it is not a catch all protection for your assets, properly implemented, bankruptcy means that you have a chance to continue with good business in good faith.
How can I work around a bankruptcy?
With all of the above said, this does not mean that bankruptcy is a simple process. Because it is a legal proceeding, you will need a legal advocate on your side who understands the decades of bankruptcy law that are currently on the books. You can bet that your creditors on the other side of the table will have attorneys working for them, and those attorneys will be looking to interpret the same law to make you pay as much as possible. Understand that the judge was not physically present during your business with the other party. All that the court has to go on is the interpretation of the law that you present versus the interpretation that your opponent presents. Whoever has the best representation of the law will get their way in court.
Working around bankruptcy with the right legal assistance means that you may be able to take on new debts under certain circumstances. Cars are a special case, because they are considered necessary in order to maintain a lifestyle of competence. After all, can a creditor really expect you to pay back debts if you do not have a way to get to a job?
What should I do if I am in bankruptcy and I need a loan for my next car?
Applying for an auto loan while in bankruptcy can be made much easier if you have the dedicated services of Attorney Jed Shaw on your side. Attorney Shaw has years of experience getting people into vehicles no matter their personal financial situation. If you are looking to create a new way of life for yourself, give Attorney Shaw’s offices a call at 713-750-9038. You will be glad that you did.