Many people go bankrupt as a way to stop debt collectors and get back on the right track. However, if you are considering a car loan before bankruptcy in Broken Arrow OK, it may be best to go through the process of getting a vehicle instead of waiting.
Why?
Once you go bankrupt, lenders aren’t going to want to lend you money. Likewise, creditors cannot request money from you and will have to put your debt on hold, including whatever new debt you accrue after filing. Therefore, it is usually best to get a car loan before filing for bankruptcy in Broken Arrow OK.
Once you’ve met with the creditors and lawyer, you can’t add any new debts to the petition, which means subprime lenders may be willing to provide you with the money you need to get a vehicle.
Can They Take The Vehicle?
Another common question people have is whether or not their new vehicle can be seized to pay back loans and debt. In most cases, the answer is no, though there are some extenuating circumstances. For example, if the vehicle is brand new, or is considered a second family vehicle, then the one with higher resale value could be seized.
Just remember that you will be required to explain your purchase to the court, so make sure it is a necessity and not overly expensive.
The Best Outcome
Your goal is to get the vehicle you need and do so legally and with your best interest in mind. Therefore, it could be better to get it now rather than wait.
Getting a car loan before bankruptcy in Broken Arrow OK is usually the best course of action. Visit Business Name now for preapproval so you can start searching.
