As we have previously pointed out, personal bankruptcy filings were down in 2012 from 2013, but experts fear they could spike again in 2013. Why? Well, food and gas prices are still on the rise, the unemployment rate is still fairly high, the U.S. deficit hit over $1 billion, student loan debt is over $1 trillion and it is the 8 year anniversary of the BAPCPA, are just some of the reasons.
What does this mean?
The BAPCPA put a limitation on how many times and how often a person can file for bankruptcy protection, and that limit for chapter 7 bks was every eight years. This means that everyone that declared bankruptcy in 2005 is now eligible again. Because of the economic recession that hit in late 2007, there is little hope that those same individuals reclaimed good financial standings, and could need to file again.
With our government being in such a high deficit there could be unexpected cuts in benefits that some debtors depend on to make their bills. If this happens then there will surely be more people filing for bankruptcy protection either by ways of chapter 7 or chapter 13 which could leave many looking for new homes and new car loans after bankruptcy.
Car Loans are Available with Bankruptcy History
If you’re thinking about filing for bankruptcy, going through bankruptcy, or have past bankruptcy and you need help getting an auto loan with a bk history, we can help you. Here at BankruptcyAutoFinancing.com we are the leading provider of matching bankruptcy people with dealerships willing to work with their situation. Regardless of your credit, you could be driving home in your new or used car in just a couple days!
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.