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A Chapter 7 bankruptcy is known as liquidation bankruptcy. When you file this type of bankruptcy, you are typically required to: Sell assets to repay your debts.
Know the Law. The process of repossession is intrusive and frustrating and can be intimidating. The laws are murky and vary from state to state, but a court order is almost never needed for a ...
There is no minimum amount of debt required to file for bankruptcy. Because of legal fees and long-term financial consequences, it may not be worth filing with less than $10,000 in dischargeable debt.
The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
A mortgage loan is a secured loan in which the collateral is property, such as a home.; A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Consumers who become delinquent on their auto loans run the risk of car repossession and ruined credit. If your car has been repossessed, you need to take action right away to get your finances in ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]