Beautiful, sunny, and warm is the response many people would give when asked to describe California. What about bankrupt? Most people would not associate the two together, but it's a reality. California is the number one state for bankruptcy, topping the list with 170,000 bankruptcies filed in 2011. with that many bankruptcies I'm sure there are a lot of people looking to apply for an auto loan after bankruptcy.
Number of Bankruptcies Filed in CA from 2007-2011
- 2007: 35,955
- 2008: 95,279
- 2009: 151,923
- 2010: 194,231
- 2011: 170,283
- 2007: 2,677
- 2008: 2,344
- 2009: 1,817
- 2010: 490
- 2011: 105
- 2007: 38,632
- 2008: 97,623
- 2009: 153,740
- 2010: 194,721
- 2011: 170,388
|Chapter 7||Chapter 13||Combined|
Why Are Californians Going Bankrupt?
Along with the rest of the nation's bankruptcy trend California's numbers plummeted by over 24,000 in 2011, but they are still the number one state for bankruptcies filed, why is that? California has a population of over 37 million and the next closest state is Texas with just over 25 million. That means the bankruptcies filed per capita in CA will be higher than any other state, but that is not the sole reason for CA being number one on the list.
One of the most disturbing facts about California is that the average cost of a house is over $500,000, but the average household income is only $57,000. How are people supposed to be able to afford their mortgages, car payments, and all their other monthly expenses? California has the second highest unemployment rate reaching a high of 12% in 2011, only behind Nevada; they also have the second highest cost of living behind Hawaii. With all these factors it's a no brainer on why California is number one on the bankruptcy list, but don't fret, there are more after bankruptcy car dealers than you think that will help you get approved!
Do You Need A Bankruptcy Auto Loan?
Although being bankrupt is not anyone's ideal financial situation, it is a situation that many Californians are finding themselves in. What if you find yourself needing a car loan after filing for bankruptcy? Then we can help you. We work with special finance lenders that will help you get approved and in a new or used car in just a few short days. See if you are pre-approved today by filling out our online application