In many cases, you will be able to keep your car as long as you make payments on it. When you are considering declaring bankruptcy, you’re going to have a lot of questions. You might ask, “What happens to my home? What happens to my car during bankruptcy?” Believe it or not, ...
A vehicle can be one of those assets, because bankruptcy courts generally recognize that one needs a car to get and keep a job. The entire Chapter 7 process is relatively short, typically less than six months. After receiving your Notice of Discharge, you will be debt free, but you will...
The third communications priority in any bankruptcy filing is to embrace a culture of transparency from the CEO on down — and stick to it. No matter what chapter of bankruptcy the company chooses, it must remain open and accountable and be prepared to handle intense scrutiny. The fourth prior...
Redeeming the car by paying off the loan in a lump sum. Surrendering the car to the creditor, who may sell it to pay off part of the outstanding debt or discharge the remainder as part of the bankruptcy. Learn more:How to file for bankruptcy and keep your car ...
Tim Geitner said today, in response to questions about the prospect of bank nationalization, that the Treasury is considering a range of options with the intent of preserving the private banking system. “We have a financial system that is run by private
Consolidating credit card debt is a good idea if you can qualify for a low enough interest rate and pay off the debt during the allotted time period, which will vary based on the consolidation product you choose. You’ll also want to be certain you can keep your credit card balances at ...
If either of the following situations applies to you, investigate options fordebt relief, which can include bankruptcy ordebt management plans. You can't repayyour unsecured debt — credit cards, medical bills, personal loans — within five years, even with drastic spending cuts. ...
Studentaid.gov: You can have your federal student loans forgiven, canceled or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances. The Public Service Loan Forgiveness (PSLF) program: PSLF can help you reduce student loans. If you...
If you bought your car with a loan, your vehicle may be seized as collateral during a bankruptcy proceeding. However, you can usually keep your car byreaffirmingyour car loan and continuing to make payments. Similarly, you can usually keep your home if you declare bankruptcy, even if you ow...
Chapter 7 bankruptcy is a legal process where a debtor's non-exempt assets are liquidated to pay off creditors. This type of bankruptcy allows individuals or businesses to discharge most of their debts, providing a fresh start. However, it may require the forfeiture of certain assets to satisfy...