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Will filing bankruptcy keep me from buying a new car?

i just filed for bankruptcy but I want to take part in the cash for clunkers program.

asked by pawmew (12)

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Tags:  cars  legal

answers

The act of bankruptcy does not preclude you from buying a new car, however, you will have a very difficult time getting a loan. You will pay VERY high interest.

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posted by Darry (2334)
7 votes

Your lucky you have a car to trade. Yes, this will keep you from purchasing a car. Be thankful you have one to begin with.

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posted by Latin4 (7000)
6 votes

Filing bankruptcy will not keep you from buying a new car. But if u go for buying that on credit terms, they may not be interested in you. Also if your creditors come to know that you have bought a new car in cash, they may file a suit against you. You have to play safe.

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posted by pious57 (110)
6 votes

You aren't going to be able to get credit without someone co-signing on your loan. When you file bankruptcy you are cleared of your debt but you are also cleared of credit. You don't have bad credit, just no credit. You may be able to participate in this program if you find a cosigner with good credit.

5 votes

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