Many people believe that after they have received a successful discharge from bankruptcy they don’t have to worry about their debts. This is not true and thinking this way can land you in the same boat that brought you to bankruptcy island in the first place. Once you have been discharged you should make a post-bankruptcy discharge to do list.
- Complete debtor education
- Obtain credit report
- Continue payment on existing loans
- Set a budget and stick to it
First and foremost, you are going to need to complete your debtor education course. This course is the second part to the credit counseling and debtor education programs you most likely will be required to take by the bk judge. These classes will show you a good way to manage your monthly budget, and how to stay on top of your bills.
Next, you want to obtain all three of your credit reports. This will allow you see if there are any mistakes and to get them fixed immediately before creditors start to collect debt that was discharged.
After you receive your reports you want to find out what you owe on the property that was not discharged. This includes student loans, house payment and car payment. If you have pre-existing loans, like a car loan, after bankruptcy then you are responsible for the full amount. If you fail to repay these loans the creditors have the legal right to repossess or foreclose on the property.
Finally, set a budget and stick to it. Within this budget you should have money being put away each month towards an emergency fund. This will allow you some breathing room should you have an unexpected medical emergency, job loss, or car repairs.
Applying for Bankruptcy Auto Loans
If you were not able to get keep your auto loan during bankruptcy, and you are now looking for a new form of transportation, we can help you. Here at Bankruptcy Auto Financing we specialize in matching bankrupt people with car dealers willing to work with their credit situation.
Simply fill out the quick and easy bankruptcy auto loan application and once we receive the information we will send it off to our network of lenders in your area. You will be contacted to schedule an appointment with the dealerships that offers the best deal.
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.
