Although the great state of Alaska hasn’t seen as many bankruptcies as other states, probably because the unemployment rate is lower than other states, there are still people who need to get back on their feet. If you’re one of those people, you may be wondering how to get your finances back in order. Today we’ll show you one way you can rebuild your credit if you’ve filed bankruptcy.
Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy
In recent years, Chapter 13 Bankruptcy has been less common in Alaska than Chapter 7 bankruptcy. This is probably due to the fact that Chapter 7 bankruptcy is shorter, cheaper, and wipes out most debt without a repayment plan. If you have applied for Chapter 7 bankruptcy, you may be able to quickly obtain vehicle loans after bankruptcy, because you are likely to be in a better position to pay your current bills.
A Chapter 13 bankruptcy may be a better choice if your income is too high to qualify for Chapter 7 bankruptcy, or you’re behind on house or car payments and want to keep those items. Some of your debt will still be erased, but you will need to come up with a plan to repay overdue payments over time and to reinstate the original loan agreements. Although the bankruptcy will remain open for 3-5 years, you can possibly start rebuilding your credit during this time.
Bankruptcy Auto Financing in Alaska
Whether you filed for Chapter 13 bankruptcy or Chapter 7 bankruptcy in Alaska, there may come a time when you need auto financing. Here at BankruptcyAutoFinancing.com, we have helped many clients obtain the auto financing they need to help rebuild their credit. Many people find that they qualify for financing a car after filing Chapter 7 bankruptcy, or are able to be approved for an auto loan during open Chapter 13 bankruptcy.
We work with a network of lenders that specialize in subprime credit including bankruptcy, and that will work to get you approved for a car loan that fits your budget. Apply online today to see how much you could qualify for, and you could be on your way to a better credit score, and a new-to-you vehicle.
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.