Are you living in Georgia and have filed for bankruptcy? So have thousands of others. Don’t be ashamed to ask for help rebuilding your credit. Bankruptcy has left many of your fellow Georgia citizens without a form of transportation because they were forced to liquidate the vehicle to repay their unsecured debt. If you need an auto loan and are currently in an open chapter 7 or 13 then you have come to the right place!
Why Are So Many People Looking for Auto Loans in Georgia?
In 2011 Georgia was ranked number two on the list of states with the most bankruptcies, and according to the U.S. Bankruptcy Court in the four preceding years, the numbers of bankruptcies filed averaged over 58,000 cases yearly. So what is making the people of GA turn to bankruptcy?
The average household income in 2011 was $46,007, and in 2010 15.7% of the states population was living below the poverty level. In 2009 the unemployment rate in GA spiked higher than it’s been in the last two decades reaching a high of 10.5%. With these statistics it’s easy to see why so many individuals are being forced into bankruptcy.
Number of Georgia bankruptcies filed in 2007-2011
- 2007: 19,512
- 2008: 26,402
- 2009: 38,287
- 2010: 40,159
- 2011: 34,705
- 2007: 29,098
- 2008: 32,857
- 2009: 33,801
- 2010: 36,626
- 2011: 36,899
- 2007: 48,610
- 2008: 59,259
- 2009: 46,584
- 2010: 76,785
- 2011: 71,604
|Chapter 7||Chapter 13||Combined|
Auto Financing in Bankruptcy for Georgia
Georgia is one of the states that have their own exemption laws. In GA, if your car is worth less than $3,500 you are able to keep your car, but if the vehicle is worth more than $3,500 then the trustee is most likely going to take your car to repay your unsecured debt. If this happens to you there is help with getting a car after bankruptcy.
With the exemption laws in Georgia being so strict, many Americans are left with no transportation to get to and from work or their kids to school. How can you get an auto loan following bankruptcy? Here at Bankruptcy Auto Financing we can help. We have a network of lenders nationwide that specialize in bankruptcy auto loans, and will compete for your business. If you are ready to start rebuilding your credit, fill out our online application now to see if you’re pre-approved.
Remember we are not lawyers and cannot give legal advice. The situations discussed in this article are only our experiences throughout the years, and may vary with each customer.