Welcome to Bankruptcy Guide
Bankruptcy Auto Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
Bankruptcy Auto Loans Specific links
Bankruptcy Auto Loans News
Ally to keep US auto loans after ResCap filing - Reuters
 Bloomberg | Ally to keep US auto loans after ResCap filing Reuters Ally, the former in-house financing arm for General Motors Co (GM.N) once known as GMAC, on Monday announced plans to sell some international operations at the same time that its Residential Capital mortgage unit filed for bankruptcy protection. Bankruptcy aims to free Ally of bad mortgage assets after auto rescue Ally Financial's ResCap mortgage unit files for bankruptcy Ally to Sell Non-US Units as ResCap Goes Bankrupt |
Bad Credit Auto Loans at Good Rates Are Available, Finding Them Just Takes a ... - SBWire (press release)
Bad Credit Auto Loans at Good Rates Are Available, Finding Them Just Takes a ... SBWire (press release) In addition to choosing an online lender that specializing in bad credit auto loans, there are also a variety of other ways drivers with poor credit, a bankruptcy or no credit can qualify for a loan with a good interest rate. Drivers should make sure ... |
Former GMAC puts mortgage unit in bankruptcy - USA TODAY
 USA TODAY | Former GMAC puts mortgage unit in bankruptcy USA TODAY He said the action will help Ally focus on "further strengthening its already leading US auto finance and direct banking franchises." Ally Financial was founded by GM in 1919 as the General Motors Acceptance Corp. (GMAC) to provide auto loans. Residential Capital seeks Chapter 11 protection Ally Financial says U.S. businesses not for sale Ally's Residential Capital Files for Bankruptcy Protection |
More Energy Department Rewards for GM Bankruptcy Allies? - National Legal and Policy Center
More Energy Department Rewards for GM Bankruptcy Allies? National Legal and Policy Center On the list; Paul, Weiss, Rifkind, Wharton & Garrison, which received $1.28 million as legal counsel to the Energy Department in connection with ATVM (Advanced Technology Vehicle Manufacturing) loans involving Tesla Motors, Nissan North America, ... |
Chrysler to Let Ally Auto-Financing Pact Expire - BusinessWeek
 MLive.com | Chrysler to Let Ally Auto-Financing Pact Expire BusinessWeek 28 that Chrysler is negotiating with several banks about the third- largest US automaker's financing needs. Chrysler generates more than $25 billion in auto loans annually, people familiar with the matter said in February. Ally says unit's bankruptcy could cost $1.25 bln Ally Financial: Could Lose Up To $1.2B In ResCap Bankruptcy Chrysler to end auto loan deal with Ally Financial |