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Whether you should get a car loan after bankruptcy depends on your unique situation. For example, you might need to buy a car after bankruptcy to get to and from work.
A reaffirmation agreement allows you to modify the terms of your loan to make repayment easier during and after Chapter 7 bankruptcy. A car loan will allow you to keep your vehicle as long as you ...
File bankruptcy: If you cannot make your other debt payments in addition to the auto loan, you might decide to declare bankruptcy. With a car loan charge-off, you still owe the debt. With a car ...
The purpose of making such a declaration is to help support a tax deduction for bad debts under Section 166 of the Internal Revenue Code. In that respect it is a form of write-off. Bad debts and even fraud are simply part of the cost of doing business. The charge-off, though, does not free the debtor of having to pay the debt.
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 ...
Chapter 7 remains on your credit report for 10 years and Chapter 13 stays for 7 years, affecting access to future credit and loans for buying a house or new car. Debt exclusions : Some debts ...
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 ...
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
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