Yes, vehicles are considered secured debt. If the BK was filed under the new reform laws which took affect in Oct. 2005, the borrower is obligated to repay the entire amount of the loan and not just the vehicle sale deficiency.
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
Talking with the credit card company directly can often help, a loan advisor or credit assistance company like the one found at http://www.thinkmoney.com/expert-loan-views/1297/falling-behind-loan-repayment.asp is also an option.
This question is slightly more complicated than one may think. The answer depends on many things involved in both the bankruptcy and short-sale. Currently most lenders consider a short-sale the same way they consider a foreclosure, so you're stuck waiting 3, 4, or even 7 years before you can buy again. That being said, the FHA will allow you to buy a home again with no waiting period if you were able to short-sale your home without ever falling 30-day+ behind on your mortgage payments. That being said, we all know that many mortgage companies won't even entertain a short-sale unless you fall 60, 90, or 120 days behind on your payments. In the off-chance that you were able to successfully short-sale your home without ever falling behind on the payments, then we can go on to the bankruptcy portion of your question. Bankruptcies are treated differently depending if they are a chapter 7, chapter 13, or less commonly a chapter 11. A chapter 7 BK is a liquidation of debts with no payback. A chapter 13 allows you to roll-in the arrearages you owe on the mortgage, and get back on track but requires a payback period for all or a portion of the debt. This is naturally the option people choose when looking to file bankruptcy and save their home. The guidelines about getting a new loan after bankruptcy, again, vary depending on the lender and the loan program... but generally you're stuck waiting 2, 3, or 4 years from the DISCHARGE date of the bankruptcy. This of course assumes that by that time your credit has rebuilt enough to qualify (must be a 620 or 640 with most lenders nowadays). Lastly, if you haven't had a flawless payment history on the debts on your credit report since bankruptcy, it is very unlikely that a lender will entertain a home purchase for you regardless of your actual credit score.
If you fall behind on payments you may often receive late charges.
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
You should file a bankruptcy letter of intent as soon as possible so that your creditors will be on notice. This will stop the harassing calls and foreclosure proceedings if you are behind in your mortgage payments.
yes
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
You need to ask this of your B/K attorney for state specific advice.
The involved party should contact the bankruptcy trustee as soon as possible and explain the error. A trustee will generally give the person(s) thirty days in which to catch up on arrears before filing for dismissal.
Not unless your bankruptcy did the right things to allow you to keep it. If you are not in arrears in your mortgage payments before filing, you have to continue making the payments - preferably before the due date. If you are in arrears, you must file a chapter 13, with a plan to pay the arrears and whatever part of the unsecured debt you have to pay. Once the plan is completed, you can keep your house. If you get behind in your post-petition payments due, the bank will apply for relief from the automatic stay and you will lose your house.
Talking with the credit card company directly can often help, a loan advisor or credit assistance company like the one found at http://www.thinkmoney.com/expert-loan-views/1297/falling-behind-loan-repayment.asp is also an option.
No. You can file any time. You actually don't even have to have any debt to file. Anyone can file anytime as long as you meet the minimum reqirements for each chapter.
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
Of course YOU WILL LOOSE YOUR HOUSE IF YOUR BEHIND ON PAYMENTS.
no more than 2 payments