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Despite an economy on the upturn, many Americans are finding bankruptcy to be the only answer when financial circumstances overwhelm them or a job loss or illness turns a rosy future into a disaster. Bankruptcy gives some time and breathing room to pay off debts, or it may expunge those debts altogether. But bankruptcy is not a financial Get out of Jail Free card.
It has consequences, and one consequence is that it will make it more difficult—and more expensive—to get a new loan for a big-ticket item such as a car. Happily, you can recover from bankruptcy, rebuild your credit, and rejoin the economic mainstream. So how does buying a car figure into the equation?
