Yes. The debt associated with repossession is discharged (cleared) through 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.
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.
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.
The results are usually the same.
Yes. You will see an increase in your credit score by paying off any debt that is being reported negatively on your credit.
Contact our office to see if bankruptcy is your best option.
Yes. Each state has a statute of limitation for contracts including buying a vehicle.
Upon filing a bankruptcy, the creditor is prohibited from taking your vehicle.
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.
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.
In Ohio, a creditor is entitled to take up to 25% of your income.
Only a bankruptcy or paying off the debt can stop the garnishment
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.