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How long must one wait to get a loan on a new car after declaring bankruptcy?
Wiki User
∙ 10y ago
To get a loan on a new car after declaring bankruptcy, you have to wait until you can rebuild your credit. You can rebuild your credit in as little as 2-3 years if you work at it and start out by building up your credit with small things.
Wiki User
∙ 10y ago
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What must someone have to secure home loans after bankruptcy?
Generally, immediately after declaring bankruptcy, an individual will be unable to get any home loan of any kind. It usually takes at least two years of good behavior and debt eradication before one could be considered for a loan.
How credit union collect bankruptcy loan that discharged?
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
Where can one find information on Declaring yourself bankrupt?
One can find information regarding a personal declaration of bankruptcy on the Debt Advisory Centre website or the IRS site. One must start by filing for bankruptcy with a bankruptcy petition.
What legal responsibilty does a person have if they borrowed money from their parents who then filed bankruptcy and now the trustee is trying to get back the money loaned- can the trustee do that?
Yes. That's a big part of what they do...get and preserve the assets of the debtor (an amount due to them is an asset), while trying to reduce and resolve the (gnerally by using those assets) the amounts they owe. Generally, they cannot change the terms of the loan...for example make it all due now...but they MUST try to get what portions are due...to use to pay what the debtor owes. (The other persons bankruptcy does not change YOUR obligation to pay the loan you received). Clearly, when it is a loan (or gift) between close family and one is declaring bankruptcy, whether the transfer was made to avoid having that asset in the bankruptcy...if it was an honest loan or gift...is a very real question the trustee must determine.
Can you keep your car?
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
How long does bankruptcy stay on in Missouri?
Bankruptcy is a federal act, and there must be no less that seven years between filings.
Does wage garnishment stop the day you file Bankruptcy?
It should, but only for as long as the bankruptcy is active, and only so long as the debt is listed after the bankruptcy is discharged. More accurately, the garnishment must stop when the plantiff in the judgment has received notice that there is a bankruptcy.
Can you get refund anticipation loan if you have a chapter 7 bankruptcy?
If you are in a C. 7 or within 6 months after the close of your case, any tax refund is property of the bankruptcy estate and must be turned over to the trustee. You may not get a loan against an asset (tax refund) without the court's permission.
Can pay day loans go on bankruptcy?
They must be listed as a debt, and they can be discharged. Some payday lenders claim to have a security interest in your paychecks until the loan is paid, but those may not be legally established secured loans. Consult a local bankruptcy lawyer to check your loan docs.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?
Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
How does bankruptcy affect student loan wage garnishment?
Government insured student loans are exempt from the Bk process. They must be paid. However, they will not collect money from you until the bankruptcy is dismissed or discharged, but it will still accrue interest during that time.
