the co-signer is just as responsible for the debt as you are, hence the name "co-signer"
There's no minimum. If you can't pay your bills you file bankruptcy.
no no, it's up to the company if they want to let you keep it or not, some of them think that if your'e filing BK then your'e not going to pay them.
IF the lender accepts it you can.
You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.
You can avoid repossession of your car by keeping tab of your car payments, discuss your situation with the creditor instead of ignoring them. Other things you might want to consider would be to sell the car to at least pay off some of what you owe, or file for bankruptcy.
This will be considered an asset. You cannot file bankruptcy if you have a number of assets that can be used to pay your creditors. Depending on the amount of the settlement, you should wait years to file bankruptcy.
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.
You would generally file for a bankruptcy to get rid of debt. If you have more debt then you can handle and you are constantly getting deeper and deeper in debt then a bankruptcy might be for you.ADDITIONAL SPECIFIC INFO:You would want to file bankruptcy if you are overwhelmed by debt and harassed by creditors. If you are unable to pay your bills you may be eligible for relief under Chapter 7, Chapter 13, or Chapter 11 bankruptcy. A Minneapolis bankruptcy attorney will answer your questions. As soon as you file for bankruptcy:* Harassing phone calls stop!* Mortgage foreclosure stops!* Repossession of your car or furniture stops!* An attempt to garnish your wages stops!* You keep your personal property.* You keep the tools you need to make a living.
Pay the current balance, plus repossession and storage fees.
Companies that file for bankruptcy still have to pay their employees, if they have enough money. Employees are prioritized during bankruptcy procedures, so the company will have to pay for their work.
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
More than they can pay
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
Your options are to be sued for judgement, or file Bankruptcy or PAY. Fairly simple plan.
Not only does it not have to pay, it will not pay your debts. Debts are not extinguished in bankruptcy. The creditors are prohibited from collecting them, assuming you get a discharge. They still exist in some world of uncollectability.
You don't file bankruptcy "on your vehicle." You file bankruptcy to discharge all your debts. You don't get to pick and choose which creditors. But, secured creditors either have to continue to be paid or you have to surrender the collateral, in which case the balance due on the secured note would be discharged.
They can try and garnish your wages(if your working)or they will work out a payment plan with you for the remainder or a portion of the outstanding balance.One option you have is to declare bankruptcy to clear your debts.You cannot be thrown in jail if you cannot pay.
You are not supposed to sell any property after you file bankruptcy. Those assets can be used to pay your creditors.
Yes, student loans can not be discharged in bankruptcy. You can consolidate your loans and get a smaller payment.
You can file bankruptcy yourself or with an attorney. People choose an attorney because they do not want to mess with all the motions or learning any law and this can cost anywhere from 300 to 500 dollars to start a bankruptcy action. You can keep one vehicle and your house in a bankruptcy. Technically, when you file bankruptcy you file it for everything in a Chapter 7 and that will wipe away all debts (if you pass the test that they give to even claim bankruptcy) or Chapter 13 which is a consolidation of your debts to pay it off after partial liquidation of assets but be protected under federal bankruptcy law. It is best for your loan companies for your house and vehicles know about your bankruptcy as this will stay any repossession or foreclosure on your household or vehicles. That means they can not repossess or foreclose on your property until the bankruptcy procedure begins and you remain current on your payments throughout your bankruptcy. This can help you catch up and keep your house and one vehicle. You can technically claim bankruptcy and not tell your lenders for your house or vehicles but they will not "stay" or stop repossession or foreclosure on your property until you notify them (calling one of their call centers) and giving them your bankruptcy info including your case number. Hope this has been helpful.