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What happens to your auto loan if you file for bankruptcy. The lender may repossess your car if you file for Chapter 7 and aren’t in good standing with your auto loan. Your vehicle won’t be ...
Whether you should get a car loan after bankruptcy depends on your unique situation. For example, you might need to buy a car after bankruptcy to get to and from work.
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
The remaining debt will probably never be repaid because, in cases such as these with the debtor having multiple loans on default, the debtor has most likely filed for Ch. 7 Bankruptcy. It is crucial, if you are a lender, to have a security agreement in collateral that you are confident is worth at least as much as the amount of the loan you ...
722 Redemption is a process within the U.S. bankruptcy code under section 11 U.S.C. 722 that allows a debtor to redeem collateral based on the market value of the collateral. The bankruptcy code allows a debtor to pay the retail value of the collateral in a lump sum payment to the creditor in exchange for the lien on the collateral being released.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
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