When the economy tanked not so long ago, many children had to watch their fathers file for bankruptcy. Many a proud man had to bow his head and accept the realities of their finances; that they could no longer manage to provide enough to cover their debts. But bankruptcy is about starting over, so as Father's Day comes upon us be sure to reach out and make sure he's still moving forward.
After Bankruptcy Help and Assistance for Dad
Life after bankruptcy can take some adjusting, especially mentally. It can be difficult to adjust spending habits, accept new financial realities, and carefully plan ahead while largely starting over. Even for Dad's. One of the big early steps many face after being discharged is what to do about transportation. Finding a used car after bankruptcy is one of the largest early hurdles.
Now the reasons Dad needs a car should be obvious, however the reasons for vehicle financing following bankruptcy might not be so clear. Because bankruptcy does a number on your credit, building it back becomes a key priority. This is where getting an auto loan can be an excellent idea. Timely repayments of a loan are an excellent way to demonstrate financial responsibility and rebuild your credit score. Plus most people need cars.
Fortunately there are many dealerships that accept bankruptcy clients, and some may even send advertising material your Dad's way to let him know. However it's important to not just take the first offering. The loan should be something your Father can afford, so shopping dealers against each other for the best rate is a good idea. Helping do the legwork for this is often a good idea, especially if you have an elderly father. Also not all dealers are equal when it comes to helping you rebuild your credit after bankruptcy which we explain.
Keeping Your Father on the Right Track After Bankruptcy
See not all dealerships will report your Dad's timely loan payments to the big credit bureaus, so it's important to help him find out if they do. Here at BankruptcyAutoFinancing.com we only work with finance companies that do help you build back your credit rating. So if you're having trouble finding someone we can certainly point you in the direction of someone who can help.
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.