DerryNews.com, Derry, New Hampshire

Opinion

January 30, 2014

About the Law: Service dogs may not be deductible

(Continued)

What is the purpose of the loan? If for a car, generally car loans are available after and even during bankruptcy because they’re secured loans. That means if there’s no payment, the car can be repossessed.

Bankruptcy filers often get credit card invitations within months after discharge. One reason is that a second Chapter 7 can’t be filed for eight years. So, they can nail you with impunity through collection actions.

Carefully read all credit and loan applications, especially the small print. Compare interest rates, fees and charges to other loans and credit cards.

So, car loans, credit cards and even mortgages should not be a big deal to obtain. The important thing is to get the right loan which you know you can pay regularly and early. Having filed bankruptcy, your interest rate may be higher on secured loans. But be careful before jumping head first into credit cards again.

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Andrew Myers of Derry has law offices in Derry and North Andover. He is a member of the American Association for Justice and the New Hampshire Trial Lawyers Association. Send questions to andrew@attorney-myers.com.

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