Bankruptcy Auto Loan Information from Emich Auto Credit Center in Denver, Colorado
Have you recently filed for bankruptcy? Do you have a bankruptcy in the past 7-10 years? Has your bankruptcy just been discharged? If the answer is yes to any of these questions, Emich is able to help get you a new car or truck. Our long list of banks and credit unions provides us several options for financing that you may not be aware of. APPLY NOW!
Unlike other dealers, we do not judge customers with a bankruptcy in their past. We realize life situations can change at any time. We do our best to make your experience at Emich enjoyable and hassle-free.
Below is information on bankrutcy that may help.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows you to list nearly all of your debts in your bankruptcy filing and, upon discharge, you are no longer obligated to repay most or all of those debts. A Chapter 7 bankruptcy will stay on your credit history for 10 years.
In most cases, we are able to get you approved for auto financing prior to the discharge. Most dealerships that do not deal with BK programs will tell you that the bankruptcy must first be discharged. This is not true.
Chapter 13 Bankruptcy
Chapter 13 does not fully discharge your debts like a Chapter 7 does. Chapter 13 is a debt-repayment plan that is allows you to restructure your debts and pay them back over a 3 to 5 year period. We can get you approved during a Chapter 13. You generally need approval from the trustee assigned to your case.
Chapter 7 and Chapter 13 auto loans are regulated and monitored by the bankruptcy courts and their appointed trustees. Emich's finance managers are thoroughly versed in the rules and regulations that apply to auto loans during these cases and can help you drive away with a vehicle.