If you live in Tennessee you might have heard that the bankruptcy rate is down from the previous years. That's great, but Tennessee is still high on the list of states with the most bankruptcies. If you are one of the thousands of people who have filed, don't worry, there are ways to get back on your feet. An auto loan is one of the best ways to start rebuilding bad credit, and there are more auto dealers that will work with bankruptcy, than you think!
Why Tennessee Bankruptcies are so High
According to the U.S. Census Bureau the average household income in Tennessee from 2006-2010 was $43,314, and more than 16% of the population lived below the poverty level. The unemployment rate is coming in at 9% in September 2011, which is 2% higher than it has been for the last 20 years before the spike in 2009, which jumped to a high of 10.9%.
With the information provided it's a no-brainer to see why so many people are being forced into filing bankruptcy. Unfortunately, when filing, you might be forced into liquidating your assets, like your vehicle, to repay your unsecured debts. When that happens do you know how to get a car loan while in bankruptcy?
Tennessee Bankruptcies Filed 2007-2011
- 2007: 14.583
- 2008: 20.308
- 2009: 26.414
- 2010: 24.559
- 2011: 13.973
- 2007: 24.440
- 2008: 26.393
- 2009: 26.651
- 2010: 24.516
- 2011: 14.050
- 2007: 39.023
- 2008: 46.701
- 2009: 53.065
- 2010: 50.930
- 2011: 28.023
|Chapter 7||Chapter 13||Combined|
Getting Approved for a Bankruptcy Auto Loan in Tennessee
Have you ever heard of auto loans following bankruptcy? Most people think that's crazy talk, but it's not. Here at Bankruptcy Auto Financing we can help get you approved for an auto loan post-bankruptcy in Tennessee, or even if you are not discharged yet. Start by filling out our online application to see if you are pre-approved and we will get you an appointment with one of our nationwide lenders that specialize in bad credit auto loans.
Remember we are not lawyers and cannot give legal advice. The situations described in this article are only our experiences over the years, and circumstances may vary with each customer.