Ads
related to: what worse bankruptcy or repossession is required to buy a vehicle
Search results
Results From The WOW.Com Content Network
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 ...
For premium support please call: 800-290-4726 more ways to reach us
A debtor in possession or DIP in United States bankruptcy law is a person or corporation who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. A debtor becomes the debtor in possession after filing the bankruptcy petition.
Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
[1] [2] The Bankruptcy Act 1883 and the Bankruptcy Act 1890 contained the same exception. [3] The Bankruptcy Act 1914 contained an exception. [ 4 ] The Insolvency Act 1986 that is nowadays applicable states "such tools, books, vehicles and other items of equipment as are necessary to the bankrupt for use personally by him in his employment ...
Ad
related to: what worse bankruptcy or repossession is required to buy a vehicle