A deficiency judgment is the difference between what you owe on your loan and what your creditor receives when reselling your vehicle. A creditor who has followed the proper procedures for repossession and sale is generally allowed to sue you for a deficiency judgment to collect the loan balance...
If you've fallen behind on your mortgage, not in a position to make monthly payments on your credit card, or are facing repossession of your vehicle, filing for bankruptcy can be the most effective strategy to stop creditor harassment. Bankruptcy triggers an automatic stay, which requires credi...
In many cases, you can also stop car repossession via an “automatic stay.” As long as you repay everything, you have a high chance of removing the risk of losing your car. However, if you are behind on your payments and your car equity is lower than the value it offers you, the...
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Another common reason people file for bankruptcy is tostop foreclosure, eviction or repossessionof essential assets like a home or vehicle. Filing for bankruptcy triggers an “automatic stay,” a legal order that temporarily halts these collection efforts. This pause allows you to explore repayment ...
If you find yourself facing an even more serious financial problem during these waiting periods (such as unemployment, an eviction, foreclosure, or car repossession), you won’t be able to file again. Borrow money or use credit cards Once you’ve decided that filing for bankruptcy is the bes...
Your lender sometimes returns a repossessed vehicle to you, known as redeeming a repossession, if you meet certain terms. Most creditors want payment in full before they turn the car back over to you, but some give you another chance if you catch up the
Creditors essentially must stop pursuing you for payment. But the automatic stay goes further than just communication. It can also prevent drastic measures like repossession of your car or foreclosure on your home, giving you much-needed breathing room. This period allows you to focus on creating...
how to stop a MD wage garnishment once it starts. The state of Maryland(MD) allows wages to be garnished and whether you think you need help with exemptions, exemption forms, calculator, Circuit Court, District Court, or laws, once again the most important question is how to stop a MD ...
Additional steps are sometimes required in order to reduce the lender's risk, such as installing GPS trackers on the car to assist in potential repossession. Understanding Car Title Loans Car title loans are generally viewed as an example ofsubprime lending. This is because the loans are typicall...