For the second straight year the number of personal bankruptcies has decreased in Central Florida, at a low of 17,765. This is the lowest total of bk filings since 2009 when there was just over 20,000. Experts are saying the decline is due to lower unemployment, rising economy, and declining foreclosures in the Central Florida area, which includes the Orlando metropolitan area, Tampa Bay, and Daytona Beach. But, will 2013 be on the same path?
According to the U.S. Bankruptcy Court the number of Central Florida bankruptcy filings in January 2013 is only 3% higher than January 2011. This is not such good news for those residing in Central Florida. Luckily, there are ways to rebuild your credit after bankruptcy if you find yourself having to face the difficult decision this year, or in previous years.
Rebuilding Credit after Central Florida Bk Filing
There are numerous ways you can rebuild your credit after bk by getting a new line of credit in Central Florida, but after a bankruptcy you should stick to the following:
Secured Credit Card-
This is a credit card that is obtained through a bank or another reputable Central FL company that reports to the credit bureaus. The credit limit is set at whatever amount you deposit on the card, which means you should never be able to put more than you can afford. Once you have the card use it only for small purchases, like gas, and then pay off the full amount each month. This will report timely payments to the credit bureaus in turn helping your credit score.
Bk Friendly Auto Loans-
Believe it or not, it is possible to get a car loan after bankruptcy. These are called subprime auto loans, or bk friendly auto loans. They are obtained through lenders and dealerships that accept bankruptcy clients, and have a background in working with subprime loans. They may come with higher interest rates than previous auto loans, but as long as you make all your monthly payments in full and on time you will raise your credit score accordingly, and your next auto loan will come with more agreeable interest rates.
Apply Online for Bk Car Loans in Central Florida
By applying with us online you are able to get your information out all the dealerships in Central Florida that have experience with bk car loans, and that are willing to work with your situation. If you are ready to start rebuilding your credit with a bk car loan, simply fill out the online application today. You could be driving your new car home before you know it!
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.