HomeIs 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
2015-07-16 18:10:46
2015-07-16 18:10:46
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.
Related Questions
In a rough market such as this one, you can't!
If you owe a finance company for it, they may reposess the motorcycle.
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.
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.
(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
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