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Filing for bankruptcy, on the other hand, is a legal process that involves listing your debts and assets and finding a way to resolve the debts. Default and bankruptcy usually go hand in hand.
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]
These programs generally worked as follows: "Let's say someone wanted to buy a $100,000 house but didn't have the required down payment and closing costs, which we will say totaled $6,000. A nonprofit 'affordable housing' organization would provide the required $6000 to the homebuyer as a 'gift' and, simultaneously, collect the same amount ...
A stalking horse offer, agreement, or bid is a bid for a bankrupt firm or its assets that is arranged in advance of an auction to act, in effect, as a reserve bid. [1] [2] The intent is to maximize the value of its assets or avoid low bids, as part of (or before) a court auction.
To handle these matters better, take a look at the 22 most common money worries, plus how you can deal with them. Between mortgages, credit card debt, student loans, car loans and medical debt, it ...
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.