Can I Purchase a Home or Car after My Bankruptcy Discharge?
Yes! Many clients that come in to file do not own a home or have a loan on their car and they can purchase a home about 2 to 3 years after their case is discharged without paying a higher interest rate. Debtors can purchase a car immediately after discharge, but usually you must pay a bit of a higher interest rate until your credit is re-established. We tell our clients that in order to make an omelette you have to break a few eggs, so the higher interest rate is worth the trade off. Plus you can shop around since different dealerships have different programs each month for debtors who are discharged. Debtors in Chapter 13 cases can also obtain a car loan but it is subject to the approval of the trustee.
Lee Abt is an Experienced Bankruptcy Lawyer in New Jersey - Call Today!
856-914-5100