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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308367  
Subject: Re: Credit Card Debt - Best Approach? Date: 10/8/2012 8:56 PM
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If he gets the loan and then declares bankruptcy he probably won't be able to discharge it - you can't just load up on debt and then plan to turn around and discharge it all in BK. That's considered fraudulent. And he won't be able to get a car loan after bankruptcy for a while (a few years).

It is a secured loan that isn't discharged in bankruptcy (cram downs do occur, but that probably would not apply).

The recommendation to obtain a car loan before bankruptcy isn't that unusual.

The interest rate will be high after bankruptcy, but it isn't true that you can't get a car loan after bankruptcy.
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