Posts Tagged: ‘car loan after bankruptcy’

5 Financial Lies that keep you in Debt

December 31, 2015 Posted by kingcade

To get out of debt and start planning for the future, you need to take an honest look at your financial situation.  Start by owning up to these five common financial lies in the New Year.

I’ll put back the money I took out of savings.  If you have to tap into to your savings to afford a new pair of shoes, a TV or other item- you probably can’t afford it.  It’s even more unlikely you will put the money back into your savings account.  Avoid impulse purchases and save for the future, instead.

I still have time to save for retirement. When it comes to retirement, the earlier you start the better. Timing is key.  For example, if you’re 30, and save 10 percent of your $50,000 salary in a tax-deferred account, you will have $1.1 million by age 67, assuming a 6 percent rate of return and salary growth of 1.5 percent and including Social Security.  However, if you start at age 35, you will only have $717,021 by age 67.

I don’t need to worry about my credit score.  While you shouldn’t obsess about your credit score on a daily basis, you should check it once a year.  Look for any discrepancies, like suspicious activity or inaccurate reports of late payments.  Fixing these issues can make a BIG difference when it comes to the interest rate you’re offered on a mortgage, car loan, or even on a washer and dryer you choose to finance.

The bank is the best place to keep my money. Having a savings account set aside for emergencies is a sound choice.  However, many people put far too much money into these low-interest savings accounts.  With these type accounts, when you take into consideration inflation, you’re actually losing money.  Consider alternatives such as money market accounts that yield higher interest rates.

I will never be able to pay off my debt.  As you consider your budget, put additional money toward paying down your loans and debts.  Consider alternatives like transferring your current credit card debt to a zero percent introductory interest rate.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources: http://www.startribune.com/5-financial-lies-that-keep-you-from-getting-out-of-debt/363434071/

6 Tips to Get a Car Loan After Bankruptcy

April 13, 2015 Posted by kingcade

If you have filed for bankruptcy or are considering filing for bankruptcy, you may be under the impression that it’s impossible to ever get approved for a home or car loan, again. This is simply not true.

Below are six tips to help you buy a car after filing for Chapter 7 or Chapter 13 bankruptcy:

1. Get a copy of your credit report and credit score. Be prepared before you go to the dealership. Your credit report is available for free at AnnualCreditReport.com or Credit.com. The dealership will pay particular attention to your previous auto loans, so make sure you familiarize yourself with that information.
2. Start saving for a down payment. Most consumers’ cash flow improves after bankruptcy, so you can put some of that extra money towards your down payment. Remember that the larger the down payment, the less risky you look to the lender.
3. Shop around. Try to do your car shopping in one day to avoid having multiple pulls on your credit report. It is better to be preapproved before you visit the dealer, that way you have some leverage.
4. Avoid “buy here, pay here” dealers. Do not assume that dealers with the highest interest rates will be the only option for you. Some of these dealers do not have a great selection and you may end up with a car payment with a higher interest rate along with repair bills.
5. Pay on time. Chances are your credit score has taken a hit after filing for bankruptcy. Use your auto loan to help improve your scores by making your payments on time.
6. Refinance your car loan. If you have been making your car payments on time each month, you may be eligible to refinance your auto loan at a lower interest rate after six to 12 months.

Click here to read more on ways to purchase a car loan after filing for bankruptcy.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.