In 2010 over 64,000 Northern District of Illinois residents filed either a chapter 7 or 13 personal bankruptcy. If you are one of the many people looking for after bankruptcy auto loans in Northern Illinois to help them start rebuilding their credit, you are not alone.
Here at Bankruptcy Auto Financing we have been helping get car financing for people who are bankrupt for over 10 years. We can help you whether you have been discharged or are still in the process.
Northern Illinois Personal Bankruptcies by the Numbers
- 2007: 17,537
- 2008: 27,616
- 2009: 41,834
- 2010: 49,017
- 2011: 42,397
- 2007: 10,370
- 2008: 12,324
- 2009: 12,970
- 2010: 15,125
- 2011: 14,833
- 2007: 27,907
- 2008: 39,940
- 2009: 54,804
- 2010: 64,142
- 2011: 57,230
| Chapter 7 | Chapter 13 | Combined |
|---|
Discharged vs. Open Bk in Northern Illinois
Yes, getting open bk loans are not as easy as getting approved for a discharged car loan, but depending on what type of bankruptcy you filed they are possible. If you have filed for a chapter 7 then most lenders will require you be discharged because the whole chapter 7 process is only two to three months long. Once you are out of bankruptcy you will have a lower interest rate and a better chance at being approved.
If you have filed for chapter 13 then you must have an "Authorization to Incur Additional Debt" from your judge or trustee. In most cases this can take up to three weeks to obtain, so we suggest getting it before even applying. Once you have that paper in your hands you can then find a lender that will work with the terms your judge has laid out.
Get Northern Illinois Bankruptcy Vehicle Financing
Here we specialize in getting you set up with car dealers that work with bankruptcy clients in the Northern District of Illinois. If you're looking to get into a new or used vehicle in the near future you can start by filling out our online application today to see if you are pre-approved.
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.
