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 Dear
Terry,
I recently filed Chapter 7 bankruptcy and have
decided not to keep my car because I'm upside-down
on the loan. Although I read that people who file
bankruptcy can get a car and a mortgage, how hard
will it be? How long before the car company picks
up the car? Is leasing a better option than buying?
I don't want to end up in worse shape. Please
help!
-- Melissa
 Dear
Melissa,
Don't be fooled into thinking that the moment
your debts are discharged, getting new credit
will be easy or cheap. While there are lenders
who will give you a car loan, the interest rate
and terms will likely be brutal. It's doubtful
that you will be able to lease a new car, either.
If there's any way you can hang onto the car you've got, I would recommend that. If you have stopped making payments on the car, you can expect the lender to repossess it anytime you're two or more months behind.
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