We filed 12/09 and received confirmation 1/10. We have all debt included in our plan payments except a car loan. We pay it directly to the bank every month.
As life goes, we're getting to make the last payment next month on a loan I've been paying for five years....the transmission goes out. It's horrible timing for about a thousand different reasons, but I'll spare you that saga.
I've tried to research my heart out this week and I feel like I'm majorly failing. I obviously need to clean up some errors on our credit report. I finally worked up the courage to check them last night and I'm trying to sort out what's right and wrong and all that jazz.
Unfortunately, I don't have time for that. I have a car that won't move, is going to cost a few thousand to fix, and already has way over 200k on it and a host of other problems. I need another car STAT. I contacted my lawyer and was told that I need to secure some kind of financing, rates, make and model, and send all the details to my trustee for approval. I need to keep it in the $5k range, which even with an insanely high interest rate, would keep the payment around what we have now.
I thought it would be easier to find a lender and see if we could get pre-approved, then find a vehicle.
Every lender for bad credit/ bankruptcy requests something like: the loan must be for at least $7500, the car must be newer (within 7 years), bankruptcy must be discharged, etc.
I've found some bad credit lenders, but they won't allow me to apply directly, I have to use one of their dealerships. I don't want to apply to every dealership in town and get 10 hits on my credit. It doesn't need anymore damage!
Honestly, is there a snowball's chance in hell I'll get approved for anything? This loan will essentially replace the loan we already have, so it's not really a new expense. My lawyer thinks the trustee will approve it just for this reason. That, and the fact that if I have no car, I won't have a job for very long.
Advice? Insight? Thoughts?
Oh, and hi, my name is papie. It's nice to read all the old threads. I work in finance, obviously not in a bankruptcy department. Ha.
As life goes, we're getting to make the last payment next month on a loan I've been paying for five years....the transmission goes out. It's horrible timing for about a thousand different reasons, but I'll spare you that saga.
I've tried to research my heart out this week and I feel like I'm majorly failing. I obviously need to clean up some errors on our credit report. I finally worked up the courage to check them last night and I'm trying to sort out what's right and wrong and all that jazz.
Unfortunately, I don't have time for that. I have a car that won't move, is going to cost a few thousand to fix, and already has way over 200k on it and a host of other problems. I need another car STAT. I contacted my lawyer and was told that I need to secure some kind of financing, rates, make and model, and send all the details to my trustee for approval. I need to keep it in the $5k range, which even with an insanely high interest rate, would keep the payment around what we have now.
I thought it would be easier to find a lender and see if we could get pre-approved, then find a vehicle.
Every lender for bad credit/ bankruptcy requests something like: the loan must be for at least $7500, the car must be newer (within 7 years), bankruptcy must be discharged, etc.
I've found some bad credit lenders, but they won't allow me to apply directly, I have to use one of their dealerships. I don't want to apply to every dealership in town and get 10 hits on my credit. It doesn't need anymore damage!
Honestly, is there a snowball's chance in hell I'll get approved for anything? This loan will essentially replace the loan we already have, so it's not really a new expense. My lawyer thinks the trustee will approve it just for this reason. That, and the fact that if I have no car, I won't have a job for very long.
Advice? Insight? Thoughts?
Oh, and hi, my name is papie. It's nice to read all the old threads. I work in finance, obviously not in a bankruptcy department. Ha.
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