The North Carolina Bankruptcy Information Blog

Millions of people have taken advantage of bankruptcy protections in the past several years, following through on their freedom to file and subsequently end creditor harassment and debt worries amid uncertain economic times.  As a result, many people, people just like you, are now exiting bankruptcy, most often Chapter 7, wondering how to begin on the road to financial recovery, and maybe even hit the literal road by procuring a new (or “new to you”) car in the process.

This is especially important for people who have been undone by unemployment, and are finding that a car, any car, is their only sure method to drop off resumes, take part in interviews, and reliably make it to work—whether that job is brand new, or threatened by lingering job insecurities.…

What should you do if you need to buy a car before you have finished repairing your credit, or while you still have payments to make in a Chapter 13 bankruptcy? If you are used to buying new cars straight from the dealership, be prepared to adjust your approach.

Did you know that a $20,000 car is worth a couple thousand dollars less the second you drive it off the lot? A used car in good condition is often just as a good as a new car, because part of what you pay for in a new car is merely the cachet associated with having something new.…

You have been tempted by the e-mail (we all have, at least for a second) to cash a comma laden check for a desperate soon-to-be-millionaire in Tanzania and you have probably clicked on the search engine pop-up promising to make you $10,000 per month from home for only five minutes worth of work per week. Basically, when the economy slows down, scam artists kick it into high gear.

Now, amidst the hubbub of the federal government’s Cash for Clunkers program, which will eventually flood the market with more used cars, the number of stolen cars being resold through legitimate dealers is on the rise.…

If you have made your way through bankruptcy and the old clunker is starting to make noises that you more associate with an exhausted yak than an internal combustion engine, maybe it’s time for you to consider buying a new car. Or, should you lease? It’s a tough call.

Before you think about either option though, remember to consider the ancillary costs of car ownership, like insurance. If you have a few vehicle types in mind, contact your insurance agent to determine what it will take to cover them. You may be surprised at the little things that can add up to a steep insurance policy.…

As a result of General Motors and Chrysler filing bankruptcy, thousands of dealerships across the country will be shutting the garage doors and deflating their obnoxious balloon animals and banners. But first, many of them will be liquidating cars at prices that, even for a car dealer, can be considered “Out of this World!”

So if you are on your way out of bankruptcy and the time has come to for a new ride, will you be able to get a car from a dealer? Of course. Let’s discuss it.

Keep in mind that dealers are now in the business of financing cars, not selling them.…