Auto loans in the mail

[darkangel]

Hello this is my first post here.
I have just recently filed and am waiting my meeting of the creditors. Everyday in the mail i get auto loan deals, they say before your bk is completed get your new car now. What do you think about this. Its a bad thing right?
Thank you for your input in advance

[Minnymouth]

Duh,
To begin with you have just filed bankruptcy to "clean up your debts" for one reason or another.
During BK you cannot purchase large items, create new credit, etc without the approval of the trustee (especially in a Chapter 13).
You want a new car, best wait till you have your discharge. Trustee might want to know where you got your downpayment for a new car.
Do yourself a favor "don't rock your boat in the middle of the bk process"..... and ask yourself "do I really need a new car"?..........cars 1 years old are an excellent buy minus the "new car value"....
Besides the "interest" you would have to pay now would be extremely high on a car right now. Your considered a "high risk" because of BK.

Minny

[HHM]

Yes, it is a bad thing.

[darkangel]

Yes thank you, thats what i thought was just wondering why all of a sudden i am getting all of this, and why they would do that to someone, I guess there are a lot of ppl out there who do support there cause and keep getting them into trouble

[Minnymouth]

Darkangel,
After claimng BK, then you "owe" no one.......these businesses want your business....but at a high risk interest rate.
They know you can't claim BK for 7 years again, so their gonna get paid one way or the other....you pay or they sue you!!!
All of us get these offers, just beware.... Don't get back into the same habit you might have had before.
Good luck,

Minny