0
No.
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time.
Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments.
Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers.
Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.
What else can I help you with?
What information does the car loan calculator Canada give?
Car loan calculator Canada can calculate ones car loan payments. One has to enter his/her price, down payment, trade-in value and rate into the Canada car loan calculator and the calculator will calculate ones car loan payments.
Can you get a car loan before chapter 7 discharge?
No. And if someone wants to give you one, run away from that dealer.
How can one get someone to take over car payments?
The best place to go for advice about someone taking over car payments is the local bank. They will be able to offer advice about what to do if someone is no longer able to pay their car payments.
Disadvantage of car?
well for one thing you'd have to pay for gas. then there's insurance payments, monthly car payments, registration, maintanence, etc, etc
Can you surrender your vehicle after filing chapter 13?
Yes, but I would hang on to your car if you can make the payments because getting a car while you are in bankruptcy is quite a process (you must file a motion to incur additional debt and get permission from your trustee) and you will pay a much higher interest rate. Maybe higher than the one you have now, since you purchased it before bankruptcy. There are also limits on the price of the car you are allowed to buy and a limit on the payments you are allowed to take on. You will also have a repo on your credit, making it difficult to finance a car
How can I get cheap car payments?
To get cheap car payments, you can consider buying a used car instead of a new one, negotiate the price with the dealer, shop around for the best loan rates, and make a larger down payment to reduce the monthly payments.
If they reposses one of your cars can they take the other?
you can only reposses a car that has out standing payments. unless you are involved in crime and have profited through illegal activities then both cars can be repossesed.however if you have only defaulted payments on one car then your other car is safe.
If you filed for chapter 13 can you purchase a new car?
While in a Chapter 13 debt repayment, the person(s) involved must have the permission of the assigned trustee before making major financial transactions. Failure to do this can result in the dismissal of the filing and/or other penalties. Not quite true. You can purchase a new car by obtaining a specific car loan agreement which does not seriously affect your chapter 13 plan payments and filing it with the court with a motion to approve the loan. The chapter 13 trustee must also agree to the new car loan. The details vary somewhat from one bankruptcy district to another, so consult a local bankruptcy lawyer.
In Kentucky how many car payments behind do you have to be before your car is repossessed?
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
How many payments do you have to miss before your car can be repo?
Depends on the lender. Legally, one!
Can you trade your car in for an inexpensive one?
Yes, but you will still have to make payments on the car being turned in if you don't have 'clear title'.
Can you sell a car you are making payments co-borrower?
Co-borrowers would both have to agree to sell and sign the paperwork to sell a car you are making payments on. This could not legally be done by one person.
