Any mark on your record can raise your interest rates and make it harder for you to secure a loan you can afford to buy things like a car and a house. If you try to secure a loan with a foreclosure on your credit report, you will surely be charged close to the cap, if not the cap itself. To make matters worse, the cap as of now is all the way up to 26% in Missouri, with Illinois being even higher.
Of course, most lenders will still let you buy a car, but the conditions under which you secure the loan may be too much to handle. You're probably thinking, "But James, wouldn't it be better than having a Chapter 13 or Chapter 7 bankruptcy in Missouri and Illinois on my credit?" The answer may surprise you.
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It is not impossible to get a car with a either a foreclosure or a bankruptcy on your credit report; the difference is that filing bankruptcy is considered by many to be a responsible move. Many employers, family members, and even lenders will see that you were under the stress of debt and actually did something about it. It isn't every person that can say, "I took a hard look at my debt and did something about it!". So, having a Missouri or Illinois bankruptcy on your credit report may not be as bad as you think. Plus, having an experienced St. Louis Missouri or Fairview Heights Illinois bankruptcy attorney on your side will surely help you. If you find a Missouri or Illinois bankruptcy lawyer who is willing to educate you before and after your bankruptcy, you can learn the best ways to build your credit back up, find good lenders to purchase a new car, and make the right moves to ensure you'll never need protection from foreclosure again.
More importantly, Missouri or Illinois bankruptcy can protect your family and help you keep your home.
So, does that mean that it is always easier to get a car with a bankruptcy on your credit instead of a foreclosure? Not necessarily. There are always those lenders who go against the grain; but, why take your chances? You could keep your home and keep a foreclosure off your credit report with a bankruptcy. Plus, if your house is in danger of or is currently in foreclosure, you probably need help with other debts too. You may be surprised what bankruptcy can do for you.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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