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Bad Credit Car Loans After Bankruptcy in Silverdale

 

Bad Credit Car Loans After Bankruptcy in Silverdale

Bankruptcy is a scary word to anyone, whether it’s a business or a person. To many, bankruptcy means the end of opportunities, and the loss of any chance of having a proper financial life. This isn’t completely true; Bad Credit Car Loans After Bankruptcy in Silverdale can give you a second chance to both improve your credit and find a way to finance a car, which can help you hold down a steady job if you need one. Don’t let bankruptcy force you to put your plans on the back burner.

Bad Credit Car Loans Impact


When you go bankrupt, you file either a Chapter 7 or a Chapter 13 Bankruptcy. Your score will drop between 160 and 220 points, which can make a massive dent in your credit score and drop it from "good" to fair or even poor. You’ll find acceptance for a credit card or an auto loan much harder. Bad Credit Car Loans After Bankruptcy in Silverdale can be the way you circumvent some of the damage caused by your bankruptcy.

Background for Bad Credit Car Loans After Bankruptcy in Silverdale


Chapter 13 bankruptcy stays on your credit report for up to seven years, as do the discharged debts associated with it. In Chapter 13 bankruptcy, your debt is "reorganized"; if you have regular income and have the ability to pay some sort of debt, Chapter 13 bankruptcy will establish a payment plan of between three to five years, during which time you pay a certain amount of money. After that’s paid, all remaining debt is eliminated.

Chapter 7 bankruptcy can be more difficult to deal with: your assets are liquidated, or sold off to cover as much of your debt as possible. The money is distributed to your creditors, and the remaining debt is then forgiven. The bankruptcy stays on your credit report for longer: ten years after the discharging of your debts

Though both of these can be tough financially and mentally, Bad Credit Car Loans After Bankruptcy in Silverdale will allow you to rebuild your credit, even with the marks on your report. Farther down the line, thanks to these loans

Call Best Chance Auto Loan of Kirkland at (888) 756-0048 to get help with your Bad Credit Car Loans After Bankruptcy in Silverdale. We provide assistance with financing a good-quality used car, even if your credit is subprime. You can use our online tools to look at our car inventory, or directly apply for financing.

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