Can I Get Approved For Auto Loans With Bad Credit While in Chapter 13 Bankruptcy?
In general terms there are two kinds of bankruptcy and individual or couple can file for. They are chapter 7 and chapter 13. If you file for chapter 7 all of your debts are discharged under the bankruptcy guidelines and you are no longer liable for that debt. The creditor will write the loss off and report it to the credit boroughs accordingly. If you file for chapter 13 you enter into a repayment plan approved by the bankruptcy court that repays all of your creditors over a specific time period usually three to six years. The court will schedule a meeting of the creditors and assign a trustee to your case. Agreements are made with each individual creditor as to how much they will accept each month as repayment based on what you can afford. You in turn will make one lump payment to the trustee every month and the trustee will disburse the agreed upon amounts to each creditor monthly. When your payment plan is complete your bankruptcy will be discharged. Common sense would tell you that
