Auto Loans

The Difference Between an Auto Loan Charge Off and Repossession in Bankruptcy

2020-05-01T13:36:29+00:00By |Comment(s):Comments Off on The Difference Between an Auto Loan Charge Off and Repossession in Bankruptcy

What is a Charge Off? 

If you come across the term “charge off” on your credit report, you may think that it means the debt can no longer be collected. Unfortunately, that is not the case. When a debt has been charged off, it has most likely turned over to a collection agency for collection. In some cases, the collection agency is being paid to collect the debt for the original lender. In other cases, the debt has been sold by the lender as now in the hands of a collection agency who will attempt to collect the debt for their own gain. In either case, you are still responsible for the debt. 

How is a Repossession Different? 

When a

Understanding the Motor Vehicle Exemption

2020-05-01T19:13:19+00:00By |Comment(s):Comments Off on Understanding the Motor Vehicle Exemption

Though designed to help people who are overburdened with debt make a new start, filing for bankruptcy can be a bit overwhelming when the filing parties do not understand the procedures involved.

The motor vehicle exemption is one method that those who declare bankruptcy will find to be in their favor, and can be easily explained. This exemption can be used in both Chapter 7 and Chapter 13 bankruptcy, but is applied in different ways for each.

Chapter 7 Bankruptcy

When filing for Chapter 7 bankruptcy, the motor vehicle exemption can be used to protect a specific amount of equity in a vehicle. If the equity of the vehicle is less than the amount of the exemption, the vehicle is protected from being sold to pay creditors. For instance, in Hawaii, the motor

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