0
Is filing bankruptcy the best route to take if the finance company is threatening to sue you and garnish your wages if you are not able to pay the settlement amount in one lump sum?
Wiki User
∙ 8y ago
B/K is very seldom the BEST way. How much CAN you pay on a REGULAR basis and still live?? $50.00 a month? %40.00?? That may be cheaper(per month) than garnishment. You can hold your head up and say "I pay my bills". Whatever.. That is the BEST way, pay your contracted debts and get on the way to a debt free life. Live within your means. Save for the bad times. All that stuff you DIDNT want to hear. If you still want to do the B/K way, call a B/K attorney for a free consultation. They make a living doing it. Good Luck.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Do you still owe if you finance a car and the finance company goes bankrupt?
Yes, legally you owe them the money which they will still bill you for monthly. However, they will only stop lending they will not forgive your debt. They have that in there bankruptcy which when finalized will be bought by another institution. Ex. When a bank files bankruptcy they sell all of their loan notes for a cash settlement to another institution. Which helps them payoff outstanding debts owed by the company. You will not get out of paying for your car.
Can you settle a charge off with the finance company?
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
When was Home Finance Company created?
Home Finance Company was created in 1990.
What companies will provide cash for structured settlement?
Singer Asset Finance is one company that will provide cash for structured settlement. Catalina Structured Funding also offers this option. Main Street Settlement is yet another company. There seems to be a lot of companies that can provide cash for structured settlements, but take your time and look through your options to find the best one.
How can you lower your finance charge after a bankruptcy?
That is part of the problem of using the bankruptcy laws. Afterward, lenders consider you to be a high risk and as such charge you more for a loan.
How do you find a finance company to finance a house during chapter 13 bankruptcy?
In a rough market such as this one, you can't!
In a bankruptcy do you lose your motorcycle?
If you owe a finance company for it, they may reposess the motorcycle.
Do you still owe if you finance a car and the finance company goes bankrupt?
Yes, legally you owe them the money which they will still bill you for monthly. However, they will only stop lending they will not forgive your debt. They have that in there bankruptcy which when finalized will be bought by another institution. Ex. When a bank files bankruptcy they sell all of their loan notes for a cash settlement to another institution. Which helps them payoff outstanding debts owed by the company. You will not get out of paying for your car.
Why won't they finance autos?
There are several reasons on why a finance company will not finance someone. the main reason is a repossession after a bankruptcy. Another main reason is the "lender" sees that you are about to file bankruptcy or they find out you are about to. It is very hard to finance based on cost and mobility. Sometime a mortgage is easier to get because you cannot move a house to the opposite coast overnight. Those are just a few reasons on why a finance company might not finance you.
Can you sue the repo man if he takes the truck after you filed bankruptcy?
(A): "Can you sue the repo man if he takes your truck after you filed bankruptcy?" (B): The answer is "No". The truck is the property of the dealer, or finance company, until your final payment to them is made, and the receiver in bankruptcy may not seize property of which title belongs to a second party (dealer or finance company). Chris
What happen if you file bankruptcy and have not been discharged and buy a car and have it finance?
If you file bankruptcy and you have not been discharged the car that you buy can be used to finance it.
How do you finance out of Bankruptcy?
File for bankruptcy and then try and start over. Your credit will be messed up though.
A Finance company to finance sales for your Company?
My company doe's home improvements.Need a finance company to finance
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
How does one go about getting a job at a structured settlement company?
The website "CareerBuilder" currently has 160 jobs postings for those looking for work with a structured settlement company. Typically one will require a bachelor's degree if one is looking for work as a case manager. Other positions required within a structured settlement company include work doing accounting, sales, or finance.
Seniority of a bond?
Each security, either debt or equity, that a company issues has a specific seniority or ranking. In finance, seniority refers to the order of repayment in the event of a sale or bankruptcy.
Is there a statutet of limitation for collecting payment of a reposessed auto?
There are no Statue of limitations on repossession orders given to repo companies. Payments to the finance company can be squashed easily as going into bankruptcy!
