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Can I Buy a Car During or After my Chapter 7 or 13 Bankruptcy in Missouri or Illinois?

In places like St. Louis and the Metro-East in Illinois, cars can be completely necessary. Though we have a transit system and the metrolink, getting to and from the stations can require a little extra driving. So, it is natural to wonder if Missouri or Illinois bankruptcy will affect your ability to buy a car. And while any St. Louis Missouri or Illinois bankruptcy attorney will tell you that you can buy a car, the best bankruptcy lawyers will make sure you know the secrets to doing it right.

If you wish to buy a car during a chapter 7 or chapter 13 bankruptcy in Missouri and Illinois, you should do so under the advice of an experienced Missouri or Illinois bankruptcy lawyer. It must be approved by the trustee and the bankruptcy court and, in order to get it approved, you have to show that you need—and can afford—the car you are intending on buying. No approval is needed for a Chapter 7, however. And, while buying a car after bankruptcy doesn’t require any approval, there are some predatory lenders that are just waiting to charge you high interest rates and give you loans that you can’t afford right after your bankruptcy is discharged. We maintain a list of reputable dealers you can feel confident to go to. Ask us for the information as just another free “extra” we provide to the Castle Law Family of clients.

Some car dealers are trying to combat the reputation of “predatory” by turning their dealerships into “haggle free zones.” Dealerships like Saturn and Toyota are starting negotiation free policies. While you may get a fair price on the car itself, you still want to be careful that the loan isn’t unreasonable.

Buying a car isn’t the only thing you can do when you are in bankruptcy or afterwards. You can also open up bank accounts, get secured credit cards, and even start building up credit to buy a house in a chapter 7. In a chapter 13, you can buy a house. So, if you are wondering when to file bankruptcy, you don’t have to worry about setting aside a chunk of time where you can’t make any moves; bankruptcy actually frees you to build the life you’ve always dreamed of. Want the answers to more of your bankruptcy questions like “Should I file bankruptcy?” or “How can I find the St. Louis Missouri or Illinois bankruptcy attorney who is right for me?” You can request a free copy of my ultimate debt guide “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know” by clicking here.

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