Vehicle loans are usually a big issue in bankruptcy cases. I did not realize how much of a difference credit ratings can make in the process, until I read an article in Car and Driver. It turns out that credit worthiness can make the difference between paying less than $10,000 for a car and more than double that.
I can attest from representing people over the last 26 plus years that “upside down” auto loans are an everyday experience in the bankruptcy business. I have seen the impact extremely high interest rates make in being able to pay off a car. Check out the article here for more details.
Written by Greg Gouner