Lately you can’t turn on your TV or radio without hearing new car dealers ads for the federal government’s “cash for clunkers” program, officially re-named “Car Allowance Rebate System,” or CARS, an effort to stimulate new car sales while getting a few old gas guzzlers off the roads. But don’t get scammed; there are some limits to the program, and there are some situations that the program is not your best bet–for example, if your old car is worth more than $4500. Check out this summary of the cash for clunkers program or the official government CARS web site before you decide to take on a new car loan. Or call the government hotline at (866) CAR-7891.
Related Posts
-
What is Cash Collateral?
by Nicholas Ortiz, Boston Bankruptcy Attorney
Cash collateral is usually only an issue in business bankruptcy cases. Cash collateral is defined as “cash, negotiable instruments, documents of title, securities, deposit accounts, or other cash equivalents,” 11 U.S.C. § 363(a), in which a creditor has a lien. An example is when a creditor has a security interest in inventories and their proceeds. [...]
-
Why Reaffirm When You Can Usually Get A Better Deal After Discharge?
by Bankruptcy Law Network
Clients always are asking bankruptcy attorneys to sign off on their reaffirmation agreements so they can keep their car. Most Attorneys do not do this and prefer to make the Debtor go before the Bankruptcy Court for approval since reaffirmation agreements are worse off for the client and usually defeat the entire purpose of Bankruptcy [...]
-
Making the Transition From Credit to Cash
by Bankruptcy Law Network
Has a cushion of credit been key to your financial survival? In an interesting article entitled “3 Steps Back to the Sanity of Cash,” MP Dunleavey discusses 3 steps to your own personal bailout–making a transition from credit to cash or “real income living.” Get out of the fog of credit by asking one tough [...]
-
2009: The Coming Meltdown. Part Three–Mortgage/Real Estate
by Brett Weiss, Maryland Bankruptcy Attorney
Since its beginning in January of 2007, we at the Bankruptcy Law Network have written hundreds of articles about the mortgage and real estate crisis. As of early 2009, foreclosures are at an all-time high. Housing prices have fallen off the cliff, along with housing sales. And even if you want to buy, no one [...]
-
Credit Life Insurance Can Be A Bad Deal
by Eugene S. Melchionne, Connecticut Bankruptcy Lawyer
Congratulations, you just bought a home, would you like to buy credit life insurance? Most new homeowners, car buyers, or borrowers like the idea that their debt will be paid when they die. But is it a good deal? In most cases, the answer is no. What is credit life insurance? This is an insurance [...]
