Does Bankruptcy Clear A Repossession?
Yes. The debt associated with repossession is discharged (cleared) through bankruptcy.
Is A Repossession Worse Than Bankruptcy?
Many times because it continues to drag your credit score down until it is paid. Also, the deficiency after the sale of the vehicle is taxable. Bankruptcy clears up the negatives and lays the foundation to make your financial future better. Also, debt discharged in a bankruptcy is not taxable.
Can My Car Be Repossessed During Chapter 13?
Chapter 13 is designed for the person to keep his/her property including a vehicle as long as you are complying with the terms of Chapter 13.
How Long Can You Keep Your Car After Filing Chapter 7?
If you continue to pay for your car, you are able to keep it. If you want to get out from under the bad loan of a car, you are still usually able to keep the car 30-60 days after the case is filed allowing you time to replace it with a better deal.
Is A Voluntary Surrender Better Than A Repo?
The results are usually the same.
Will Paying Off A Repo Help My Credit?
Yes. You will see an increase in your credit score by paying off any debt that is being reported negatively on your credit.
What Do I Do After Repossession?
Contact our office to see if bankruptcy is your best option.
Is There A Statute Of Limitations Regarding Collecting A Debt On A Repossession?
Yes. Each state has a statute of limitation for contracts including buying a vehicle.
How Can Filing For Bankruptcy Stop The Repossession Of A Vehicle?
Upon filing a bankruptcy, the creditor is prohibited from taking your vehicle.
How Can Bankruptcy Stop Wage Garnishments?
Upon filing a bankruptcy, the creditor must stop taking a garnishment and if the garnishment has not started, the creditor is not allowed to start it.
How Long Does It Take To Get Money Back From A Wage Garnishment?
Some garnished wages may be obtained from the creditor after filing bankruptcy depending on when it was taken, how much was taken, and other factors.
What Is The Maximum Amount That Can Be Garnished From Your Paycheck?
In Ohio, a creditor is entitled to take up to 25% of your income.
Is There Any Way To Expedite The Process To Stop The Wage Garnishment?
Only a bankruptcy or paying off the debt can stop the garnishment
Does Bankruptcy Stop A Foreclosure?
Yes. You are able to stop the foreclosure as long as you file the bankruptcy before your house is sold. If you want to save your home, a Chapter 13 bankruptcy is the way to go.
For more information on Clearing a Repossession Through Bankruptcy, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (937) 247-6447 today.
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