Hello, I'm thinking of filing bk7 due to high credit card debt that's been hanging around for years. I had excellent credit up to the past couple months of not paying most of the credit card payments per the lawyers advice. I'm not sure it was the best advice as I feel I'm stuck filing now. Anyway, I was planning on reaffirming the house and car if I file. I currently have a 3 year lease on a 2010 Genesis Coupe with about 2 years to go. Its a nice car, but now I'm thinking I should have went with a WRX instead (for the awd in the winter mostly) as I could have gotten one for about the same payment on a purchase, although it would have been for 7 years. I know I could dump the Hyundai with bk, but I'm worried any loan right after discharge will be way too high.
My main question is how long after discharge do you have to wait to get a decent rate assuming you work on rebuilding your credit after? I'm thinking I will be ok if I wait and turn my lease in and either finance the balance to buy it out or trade it in for another car at the same dealership. Do you guys think its realistic to hope for interest in the 7-9% range at that time or too optimistic? I've been having people tell me I'll never get a decent rate again if I file (well maybe after several years), but then again after doing some research and scanning these posts, it seems some people are getting approved for fairly decent loans just months after filing.
My main question is how long after discharge do you have to wait to get a decent rate assuming you work on rebuilding your credit after? I'm thinking I will be ok if I wait and turn my lease in and either finance the balance to buy it out or trade it in for another car at the same dealership. Do you guys think its realistic to hope for interest in the 7-9% range at that time or too optimistic? I've been having people tell me I'll never get a decent rate again if I file (well maybe after several years), but then again after doing some research and scanning these posts, it seems some people are getting approved for fairly decent loans just months after filing.