A new crop of ugly predators are stalking the hordes of desperate debtors looking for relief - auto loan modification companies. Taking their cues from the discredited foreclosure rescue firms who are being shut down by the dozens, auto loan modification companies are claiming that they can help vehicle owners avoid car repossession by negotiating [...]
Car-title lending, where the owner of a car uses his/her car title as collateral to receive a loan, will become illegal in Wisconsin and will face new regulations in Virginia later this year. Already, Illinois has capped car-title loans at $4,000 and has hit the industry with numerous restrictions. Car-title loans, which are shorter and [...]
Many debtors face a true dilemma when filing for bankruptcy with a car loan. Should they or should they not reaffirm their car loan? Well the fact of the matter is that most people need a vehicle to get to and from work so not paying their car note is just simply not an option. [...]
In the Chapter 7 bankruptcy case ofHageney, Keith T. and Carolyn J.; In re, the bankruptcy court ruled that a debtors' Chapter 7 bankruptcy case was probably filed in bad faith because the debtor purchased an unnecessary luxury item just 10 weeks before filing bankruptcy. The details of the bankruptcy case: The debtor-husband was a [...]
Car Loans and Bankruptcy If you're filing for bankruptcy, it's important to understand that car loans are treated differently in Chapter 11 bankruptcy than they are in Chapter 13 bankruptcy . If you're a high income debtor you may need to file Chapter 11 bankruptcy; but one of the benefits of Chapter 11 bankruptcy is [...]
In the Chapter 13 bankruptcy case of Dortch, Eric D. and Dawn R.; In re, the bankruptcy court sustained the trustee's objection to a secured proof of claim that was amended after confirmation of the debtors' bankruptcy plan. The details of the bankruptcy case: In 2006, the debtors purchased a 2003 Lexus GX470. The installment [...]
In most parts of the country having a car can mean the difference between being able to keep your job or becoming unemployed. That's why it is important that debtors considering bankruptcy understand the options available to them if they want to keep their car after filing for bankruptcy. Options available to debtors filing Chapter [...]
When debtors take out a car title loan it's usually because they feel that they have run out of options. A car title loan allows them fast access to money for 30 days; but unfortunately at a high price. Car title loans have interest rates that can climb as high as 25 percent per month. [...]
In the bankruptcy case of Smith, Philip J. and Tracy K.; In re, the bankruptcy court denied confirmation of the debtors' plan because the purchase of a leased vehicle created a new transaction subject to the anti-modification protection. The details of the bankruptcy case: "On Jan. 2, 2004, the debtor-husband leased a new 2004 Toyota [...]
Many debtors, who are delinquent on some debt and current on others, wonder if they need to include the debt that's in good standing in their bankruptcy filing. The simple answer is YES, you must include all of your debts and assets in your bankruptcy filing. Failing to include all of you debts and assets [...]
