Chapter_13 Tag

18 Jun I Am Thinking About Turning In My Car …

Turning in a car to get out from under high car payments may backfire. Many people think that a "voluntary" repossession won't come back to haunt them, but any surrender or repossession of a car that does not pay off the loan in full can lead to big debt problems for the borrower. When you buy a car and borrow money to do so, you are taking money from a lender and promising to pay it back in full. That debt obligation has some additional "security" or "collateral" to make it less risky for the lender but whatever the sale of the car doesn't cover remains the obligation of the borrower. In addition to affecting your credit score, lenders will typically sell the car at public auction for much less than the retail (book) value, and then come after the borrower for the difference between the sales price and the loan balance. I often see a "deficiency balance" on car loans for $6,000 - $8,000, or more. When you are trying to get away from monthly payments that you can't afford, these balances can be nearly impossible to pay off, especially when the lender often asks for payment of the balance in full.
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19 Feb Can A Credit Card Company Take My House Or My Car?

Credit card companies, or any creditor for that matter, can sue a debtor and may be able to take the debtor's home, real estate, car, boat or any other personal property they own. People seem to think that if they don't sign something that gives a creditor a lien on collateral, the creditor can't take it. That is not true. Further fueling this misconception is the advise of so-called money experts like Suze Orman, who I have personally heard give false information that creditors can't take a person's home. Creditors can sue a person and take their home, car and other property - and they do!
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31 Aug Are You Facing Foreclosure? Tips That Work To Stop Foreclosure.

Are you facing foreclosure? Do you want to keep your home? Are you trying to stop foreclosure? If you are one of the thousands of Americans who find themselves behind on their mortgage, there is help for many of you.

However if you follow the advice of "money experts" you may be left unprepared since time after time they leave out one important protection that homeowners have to stop foreclosure: Bankruptcy. Bankruptcy addresses a person's complete financial situation, and isn't just aimed to put a bandage on one problem. Many people are behind on their mortgage because they have other bills to pay such as credit cards and loans. Bankruptcy can help stop a foreclosure, and deal with the other debt problems that may be contributing to your financial problems.

Most of the money advisers that you see on TV or find on the internet give "tips" that depend on the voluntary co-operation of your mortgage company, but it isn't as easy to get as they may imply. The protection offered in the United States Bankruptcy Court does not depend on the agreement of the mortgage company. If you meet the requirements of the bankruptcy laws, you will get help.

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23 Aug Having Problems With Your Mortgage And Thinking Of Selling Your House?

If you are having problems making your mortgage payments, you might be thinking of selling your house. It is important to understand a few things about listing and selling a house if you are considering doing so. The most important thing to know about selling real property (land, houses, condos or anything with a Deed) is that you probably can't sell it if you aren't able to pay off any/all liens on the property such as mortgages, equity lines, and other liens such as tax liens or judgment liens. Sometimes people are not aware of all the liens against the property until they have signed a contract for sale. It is advisable to check your credit report and you might also go to the court to see if there are any judgments or liens recorded against your property that you don't know about before you put your property up for sale.
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15 Jun Bankruptcy J.K. Harris: After NC Attorney General Among Those Settling With J.K. Harris

Update: J.K. Harris filed for bankruptcyin 2011 in South Carolina following numerous troubles with consumers, after many troubles such as those described below. It started as a Chapter 11 but converted to Chapter 7 in January 2012. If you Google "J.K. Harris", the website for...

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