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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 ...
Can You Buy a Car During Active 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.
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 ...
On June 1, 2009, the court gave interim approval to GM's request to borrow $15 billion as debtor-in-possession financing, the company only having $2 billion cash in hand. The United States Treasury had argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would ...
All motions passed in court without substantial objection. [47] [48] The case schedule laid out by the court is as follows: 2009-06-19: Deadline for filing all objections to the sale of General Motors. [48] 2009-06-22: Deadline for making competing bids in the auction of General Motors' assets. [48] 2009-06-25: Final hearing on the bankruptcy ...
Rechargeable-car-battery manufacturer A123 Systems received final approval from U.S. Bankruptcy Court today, permitting it to draw on $50 million in debtor-in-possession (DIP) financing extended ...
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