Buying a Car after Repo and BK7

[J102]

My car was repo'd in March 2009. I filed Chapter 7 in late Sept 2009 and had my 314 meeting last week. Seems like it will be a 60 day deal.

I owe $24k after auction on my repo'd car and it went in the BK.

I have been without a car since March and it is driving me crazy. i do walk to work (1.5 miles roundtrip) but the hills are horrible and the weather is getting bad. Plus the social life without a car is really taking a beating.

Right now I have about $2k saved. Should have atleast another $2k saved in 2 months. Looking at cars around $10k-$15k.

I have heard that you can't get a loan for a year if your car is repo'd. Is that true or is it just some banks?


I just don't want to get my hopes up if I am looking forward to buying a car in a few months.

Also on a different issues... I had my checking account claimed in the BK. Will the BK clear the ding with Check Free so I can get another bank account? If I put my account in the bk then there is nothing to owe the bank anymore. So how does the Check Free thing get cleared?

[Flamingo]

There is no magic wand as to your situation. Do a seach in this forum on your subject and you will see why. BK, repossession and foreclosure are the three top negative things to have on one's credit report and you have two of them. There is no easy way around that. If you are able to obtain a loan, your interest and/or fees will be sky high. One suggestion - if ever in the past you had a loan with either GMAC, Ford Credit, etc. where all payments were made on time and the loan was completed satisfactorily in full, that is a help to anyone after BK as you showed that creditor in the past you are reliable; still there is no guarantee even with that, but it's a plus.

You may have to save enough to pay cash for a vehicle until you get yourself established as credit worthy again. It takes time...