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But your car’s value will affect which bankruptcy type is best to pursue and you may have to take extra steps to protect your vehicle. What happens to your car in Chapter 7 bankruptcy
It's very difficult to buy a car during active bankruptcy, and most borrowers require a court's permission to take out additional loans during that time. It's usually better to wait until the ...
Buying a new car is a big step, but it doesn't have to be a daunting one. Smartphones make these steps easier than ever. It is now entirely possible for a buyer to shop for a vehicle while in line ...
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to handle environmental response for MLC's remaining assets, a third to handle present and future asbestos-related claims, and a fourth for litigation claims. [1]
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Chapter 15 incorporates the Model Law on Cross Border Insolvency drafted by the United Nations Commission on International Trade Law.The law provides solutions to problems which arise in connection with cross-border bankruptcy, allowing US courts to issue subpoenas, orders to turn over assets, stays on pending actions, and orders of other types as circumstances dictate.