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Even after your bankruptcy file gets discharged, some lenders might require you to wait an additional 12 to 24 months to apply for an auto loan. How Bankruptcy Affects Your Car Loan Eligibility
Key takeaways. Chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by ...
Chapter 7 is a liquidation bankruptcy, where one's nonexempt property and assets — possessions not protected by bankruptcy — are turned over to a trustee, and debt is discharged in 3 to 6 months.
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
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