Question about a loan and Bankruptcy?
V8Widowmaker asked:
I filed for Chapter 13 three years ago with a 36 month payback plan, I have almost finished the plan and had a question. I didn’t include my house, I have never been late on my mortgage. Once I am discharged from my bankruptcy I want to apply for about a $7000 loan. I don’t want to refinance my house to get the money. The loan is for a motorcycle. I have a car that I can use as collateral, it’s worth more than $7K and I have the title free and clear.
I filed for Chapter 13 three years ago with a 36 month payback plan, I have almost finished the plan and had a question. I didn’t include my house, I have never been late on my mortgage. Once I am discharged from my bankruptcy I want to apply for about a $7000 loan. I don’t want to refinance my house to get the money. The loan is for a motorcycle. I have a car that I can use as collateral, it’s worth more than $7K and I have the title free and clear.
Do you think even with the fact that I have collateral that is the equivalent to the loan value I will still be charged a crazy interest rate? Any suggestions?
And in case anyone says don’t get the bike….I’m a cancer survivor and disabled veteran, I deserve the darn thing after what I’ve been through.
Dora
Tags: Chapter 13, Collateral, Payback
July 15th, 2009 at 10:54 pm
Dawn
yes, you may have to pay a higher fee and higher interset bracket, but in the long run, you’ll have your BIKE and you’ll show you want to restart your credit by starting all over.
July 17th, 2009 at 11:12 am
Hector
Not a chance for a loan against another vehicle, The vehicle will depreciate over the life of the loan and will be worth less than the original loan. You’ll have to use your home as collateral against a second mortgage. Sorry. Army Strong!!
July 19th, 2009 at 10:57 pm
Stanley
Yes, the interest rate will be high because your credit is bad (sorry). They don’t take into account the value of the item you are using for collateral. Good luck!
July 22nd, 2009 at 12:08 am
Edna
Dont get the bike!!! hahaha U dont deserve it!
July 22nd, 2009 at 11:49 am
Jackie
for bankruptcy related question
try
July 22nd, 2009 at 7:16 pm
Julio
Anticipate a higher interest rate if you are even able to get a loan so soon after a bankruptcy.