The ability to purchase a car or home after bankruptcy discharge depends on how quickly you can rebuild good credit through smart debt management. As long as you stick to the plan that we collaboratively develop for your specific situation, you can regain the financial means to obtain a mortgage and/or an auto loan. A manageable loan can actually improve your credit score a great deal.
At Redman Ludwig, P.C., we help individuals and families in Indianapolis and throughout central Indiana plan and achieve realistic financial goals after obtaining a fresh start through bankruptcy and other debt relief options. Responsible debt management and budgeting can make your financial goals a reality. Our team of attorneys employs practical tactics to help you secure loans that are within your budget and can be paid off without creating a financial burden. With more than 60 years of collective experience, our law firm is resourceful and proactive in helping you find and evaluate your best options.
Buying a Car After Bankruptcy Discharge
Despite the fact that a bankruptcy discharge will be visible on your credit report for 10 years afterward, you still have the ability to secure an auto loan or mortgage. Depending on your unique situation, we will help you determine what strategy and tactics may be in your best interests, including:
- Waiting a few years to buy a car
- Purchasing a car that is within your means
- Paying off the loan in a short time period
- Saving for a large down payment
Buying a Home After Bankruptcy Discharge
It is important to improve your credit score before securing a mortgage after a bankruptcy discharge, but you may be able to obtain a home loan within 18 to 24 months, depending on your situation. Securing an auto loan, taking out lines of credit or opening a secured credit card, and staying current on payments can help improve your credit score.
An improved credit score will help you secure a mortgage with a lower interest rate. Other factors that will help are saving for a 10 to 20 percent down payment and looking in home price ranges that will allow for monthly mortgage payments not more than 25 percent of your monthly net income.
Our experienced legal counsel can guide you through the complicated process, protect your rights and help you sculpt a financial strategy that will allow you to shield your well-being from potential liabilities and risky situations.
Free, Informative Consultations: Call 866-793-5226 or 317-489-5832
Protect your financial future by obtaining personalized service from our Marion County bankruptcy discharge lawyers. Contact us today. We respond quickly to client needs with efficient, dependable, personalized counsel.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
