1. Bankruptcy can be the beginning to a new
life of financial security. Anyone facing
overwhelming debt can regain peace of
mind by learning how to declare bankruptcy
in four easy steps. This process is fast,
fairly inexpensive and produces many
pleasant surprises. For example, there are
automobile dealers willing to give an auto
loan after bankruptcy to people with income.
Bankruptcy Information
2. How to Declare Bankruptcy There are only four steps to filing bankruptcy A
person simply goes Bankruptcy Information through a qualification process to
see if he or she is eligible to file a Chapter 7 or must file a Chapter 13 Next,
the right paperwork is completed Finally, the filer goes to the US Bankruptcy
Court in their jurisdiction, files the documents and pays the filing fee Currently,
the filing costs are $306 for a Chapter 7 and $1046 for Chapter 13
3. Because this is a complex procedure, most individuals hire an attorney to
guide them Some attorneys specializing in the BK process offer flat,
affordable fees to their clients An attorney will prepare the paperwork and file
the signed documents with the right court After the bankruptcy has been filed,
the debtor must attend a creditors meeting and take a credit counseling class
Most procedures are finalized in just 90 to 180 days
4. A judge will review the final paperwork and sign the petition Under a Chapter
7, all or almost all of the debt is eliminated People going through a Chapter 13
will repay most or all of the money owed over three to five years Affordable
payments are made to the bankruptcy trustee who pays the bills
5. Auto Loan after Bankruptcy Contrary to popular belief, some automobile
dealers actually offer people who have declared bankruptcy loans on cars and
trucks These forward thinking businesses know the people who successfully
completed a Chapter 7 have little or no debt These individuals who have
income qualify for the loan In addition, that person cannot file another BK for 8
years
6. Finally, the dealers presenting this program have little competition If the
consumer does not want to take advantage of these offers, the car shopper
has three other ways to finance a vehicle These are to find a cosigner, find an
auto sales lot that collects the payments or join a liberal credit union that will
approve a loan There are advantages and disadvantages to all of these
options
7. The advantage is the shopper gets a vehicle The cosigner is also on title An
auto sales lot collecting payments may not have the vehicle the buyer wants
and may charge more for the auto and interest Credit unions may require a
year or two of good payment history before authorizing a low interest loan
8. There is no reason to fear this legal process designed to help people in debt
create a manageable future Taking the four steps listed in how to declare
bankruptcy allows consumers to take charge of their lives Surprisingly, some
dealerships even solicit business by offering an auto loan after bankruptcy
