Tag Archive: Bankruptcy


Car Finance Specialists

Out there in the so called real world there are quite a few places like finance companies and banks and car dealerships where you can apply for a auto loan. You know that comparing different rates of interest and finding the best auto loan means that you can save yourself a lot of money. There is just one particular problem that you could be facing if you end up doing this by going from one bank to the next: It ends up taking too much time to compare all the offers that are out there. The only solution really is to apply for a car loan online through an auto finance specialist.

Searching for a online auto loan through an auto finance specialist is much easier on yourself and will save you lots of time and money. Not only will you be able to compare the rates of interest from different financial institutions and banks but will also be able to save some cash through the use of free applications and free car loan calculators. For the most part, a car loan rate through an auto financing specialist are a lot lower when compared to the rates that you would receive from an off line car dealership, bank, of even finance companies. The annual interest rates tend to be lower and you end up having enough time to choose the best possible deal because once you end up being approved your loan would be locked in for at least sixty days.

Most car loans through car finance specialists are approved very quickly, some even within an hour during business days. The market itself is controlled by some very well known companies, so you can be certain that there are no actual hidden fees or poor credit scams and no pre-payment penalties like you will find at some of your local car dealerships. Once you car loan is approved you would then get a check from the loan company via mail. If you wished, you could apply for a car loan today and be able to drive your new car home as soon as tomorrow.

In that event that you have a poor credit score, there are a lot of online loan finance specialists out there that can help you finance the car of your dreams. There are most always ways to be approved for a vehicle loan and they will help you achieve this.

Most financial institutions will offer you a wide range of car financing deals, from new or used car loans to motorcycle financing, car refinancing, and even a lease buyout. These types of companies tend to provide auto loans that are one to two percentage points lower when compared to the national bank averages.

Another point of interest is that most of these companies will provide you with additional tools and recourses. Some of them tend to have finance tools available that you can use for free. Some will allow you to research for car prices, specifications, and will even provide you with product reviews.

So why take the time to apply for a car loan online through an auto finance specialist? Well, it’s simple, fast, and it can work for you!

Given a choice between chapter 7 and chapter 13 bankruptcy, most people choose to file under chapter 7, and of those that do file under chapter 13, most do not successfully complete their repayment plan. However, there are some situations which make it favorable to file under chapter 13, such as having significant debts which can not be discharged under chapter 7 bankruptcy.

Rules Governing Chapter 13 Bankruptcy Under BAPCPA

The bankruptcy Abuse Prevention and Consumer Protection Act of 2005 forces many who would previously have filed for chapter 7 bankruptcy to file for chapter 13 bankruptcy. Under this law, those whose average monthly income is above the median for their household size in their state must pass the Bankruptcy Means Test in order to file under chapter 7, and those who cannot meet the requirements of the test must file under chapter 13. Of course, since people who file for bankruptcy generally fall below the median income level, this law will not impose chapter 13 filings on a terribly great number of people.

Mortgage and Car Payments

When you have missed car or mortgage payments and wish to eventually restore your original agreement(s) after repaying your debt, chapter 13 bankruptcy is usually the only option which makes this possible. Additionally, if you are paying for a car which was purchased at least 2 and a half years prior to your bankruptcy filing and wish to keep the car, there are benefits to filing under chapter 13. This is because you can keep the car by paying only its retail value listed under the bankruptcy filing instead of the actual value remaining on the original contract.

Debts Not Dischargeable Under Chapter 7 bankruptcy

Chapter 7 bankruptcy will immediately discharge many debts, but not all debts can be discharged. By filing under chapter 13, you will be able to repay many such debts over a period of time, including:

- student loans

- recent back taxes and unfiled taxes

- court judgments

- court-imposed fines

- back alimony and child support

- debts owed due to a civil judgment for injuries or death caused by drunk driving

You Wish to Repay Your Debts

While many will simply be happy to be freed of the burden of debt, there are some who would not feel right being legally relieved of debt without having to repay the debt; their sense of responsibility for the debts incurred would leave them feeling guilty about this. Such people may prefer to file under chapter 13 to be able to satisfy their moral obligations while having the protection of the court and being assured their ability to support themselves.

Conclusions

The requirement of completing a repayment plan under chapter 13 may seem daunting, and the statistics bear out that most end in failure. However, we see that there are situations which chapter 13 bankruptcy is much friendlier to than chapter 7 bankruptcy: debts which can be repaid under chapter 13 but not discharged under chapter 7, and the ability to retain your car payment contract and home mortgage being notable examples. Additionally, it is easier to restore your good credit after completing chapter 13 bankruptcy than a chapter 7 filing.


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