What happends to a car title loan if you file bankruptcy?
Would I still have to pay the title loan company? Could I keep my car?
Help!
Posts Tagged ‘loan company’
Being sued for private student loan debt.?
My wife went to law school, and took out a ton of debt. some public (perhaps K), some private (about K — which is the reason for the suit). Well, she became unemployed in March 2009. Stupid move. We wanted to relocate to a better economy. Well, we came back to former city in late 2009 and have been shacking up w/ her folks ever since. We’ve had our first child. I am in the middle of trying to start a business and literally just paying for the business right now. She’s hoping to get back to full time work here pretty quickly. She’s got a couple of possibilities on the table. Well, we’re in TN and her law school was in Calif. A law office in Nashville is operating as a collection agent for this private debt. The original loan company wouldn’t hardly work with my wife through the unemployment, and for the past two years, the only employment she’s had is seasonal tax assistance work. Less than K per year. Our annual income is ridiculously low.
This lawyer has filed suit against my wife and now we don’t know what the hell to do… (IF SOME OF YOU THINK THAT JUST BECAUSE MY WIFE IS A LAWYER SHE SHOULD BE ABLE TO HANDLE THIS… , PLEASE TAKE NOTE, MY WIFE HAS NO EXPERIENCE IN BANKRUPTCY AND DEBT COLLECTION SUITS… SO IT’S NO DIFFERENT THAN A FAMILY PRACTICE PHYSICIAN PERFORMING A BRAIN SURGERY OR HEART TRANSPLANT. THERE’S NO CONNECTION THERE.).
She’s being sued, and it’s not like we’re sitting on any cash. What little cash she has (less than K, she’s trying to get back in good standing with the bar association since she’s been absent for a couple years… and now… this bullcrap hits. I didn’t make the economy go south, and neither did any of you folks… so be kind in your response. I don’t need a lesson on ethics… the world literally fell out from beneath a lot of people and if you’re one of the lucky folks not to get situationally screwed, consider yourself fortunate and try not to be judgmental. We didn’t plan for this to happen. And we feel awful about it.
My question I guess is, for any of you lawyers that know bankruptcy… I’m well aware that student debt cannot be discharged by standard bankruptcy proceedings, although there is possible statutory law that was introduced in April 2010 (don’t know if it passed) which can, in certain circumstances – as I understand it – make it easier to discharge private student debt, but I’m uncertain how to go about finding out what part of that legislation might apply to my wife.
Anyway, what is the likely outcome of this? Would a collection attorney really put up money to sue us for essentially nothing? You know the old adage "You can’t squeeze blood out of a turnip." ?? Or do they just want to solicit personal information from us so that they can verify that my wife hasn’t actually been intentionally stiffing anyone… she’s just been legitimately underemployed and unemployed?
Thanks for the help.
If i'm a cosigner on two auto loans, will this effect me when i'm settling a seperate debt ?
So i have a k judgement against me and i don’t work and don’t have money. I was planning to try to settle this debt with a lower price by explaining to them my financial situation.
However, a friend of mine needs to lease 2 cars and his credit isn’t good enough so he asked me to be a cosigner for him. I understand that this can show on my credit as i’m the buyer (because there’s no real distinguishion on who’s the primary person on the loan). So can this result in them denying a settlement (thinking i just bought two nex and expensive cars) ?
They did run my credit score and it’s about 720 right now and the loan company DID say that i can be approved for the car loans.
it’s going to be for my brother in-law. so it’s really hard to deny, plus they already ran my credit and know the score… argh !
If you file bankruptcy and are way behind on car paymnts, Legally can they repo before th meeting of creditors
the car loan company told him they arent accepting any more payments until the bankruptcy hearing. They claim legally they cant repo until after the hearing (meeting of creditors), and if he wants to catch up on payments he will have to pay the past due balance at the hearing or surrender. Is this true?
unauthorized deposit to my account?
I had unauthorized deposit to my account. earlier this week I had my account overdraft because I paid my insurance company and they took more than they were supposed. I told my mom to ask her for help and she was furious saying that it is my fault that i will go bankrupt and I will never recover from this. Now I have deposit that I don’t know what it is from and I googled they name of the company and it is a cash loan company. I want to close my account, but I am afraid I will not receive my paycheck because my company I work for requires direct deposit. So what do I do? How do I make sure I get my money.
I feel horrible my mom is going to make remarks and say i deserved what I got. I am 27 and wants me to report everything I do to her. She told this is what happens to people like me. I am not a bad girl at all.
Should I file for bankruptcy?
Ugh, so embarrassing, but here goes …
Consumer Credit Counseling says I can consolidate my 00 in credit card debts into one monthly payment of 7, providing the creditors accept this arrangement. But as of today I have .55 to my name and for the first time am about to go on food stamps to help me during this rough time.
Additionally I owe about 00 on my beloved car that I’ve had for one year. But now I’m behind almost two payments and am at risk for losing my car. This is the extent of my debt. I’m college educated and doing what I can to find work, but so far nothing, and it’s been seven dry months. Last year everything was coming together beautifully, and I was so proud of myself and my hard work, and then I lost my job.
Ten years ago I filed for bankruptcy in another state. This would be my second, although the first has been removed from my record since enough time has passed. I never in a million years thought I’d be in a position of having to consider bankruptcy again and am feeling incredibly sad and ashamed of myself.
I would really welcome input. I’m in California if that helps. At this point I don’t care about my credit rating. I just want freedom from this chapter in my life and another fresh start. Berate me if you must, but I’m really need solid feedback on what I should do. There won’t be an attorney. I would be representing myself.
Thank you.
P.S. It’s my understanding that if my car gets repossessed, they’ll try selling it at a car auction. I’m responsible for paying the difference in what I owe versus what they sell it for. Does this sound right? The car loan company is reluctant to discuss this, since they understandably want me to resume payments. Also, can a car be written off on a bankruptcy? That seems like I’m asking for too much.
23yr old over $125,000 in college debt, need advice on better repayment plans.?
00/mo student loan payments, WHAT DO I DO…23yr old fresh out of college?
Anyone have any good suggestions on what to do with a 00 a mo. student loan payment? I cant lower it at all, The only thing I can do is pay interest at a low of 0 a month. My loans are through Sallie Mae. I haven’t payed in only 1 month and they are already trying to report me to a collection agency. Any suggestions from people in my boat? Mind you, im 23, earned my bachelors (Graphic Design) in 3 years and im 5,000 dollars in total debt. I lost my full time job and now work 4 part time jobs just to pay my rent/bills/food, I cant afford these payments anymore or im going to become homeless. Iv been making these payments for about a year now.. What more can I do?
The college system seems so flawed, we go to school to be taught to work to pay off your student loans the rest of your life. I know there are so many people in my shoes right now that are just skipping out on their payments, WHICH I DON’T WANT TO DO.
When going to school ( The Art Institute ) they gave me only two options for loans, Sallie Mae and Federal. It seemed the longer I was in school the higher the interest rates went. They told the students that the repayment plans are easy to work with and not to worry. It was a little over 00 a class which I took 5 every Quarter and 00 for dorm living. The classes when all year around for four quarters so around ,000 a year plus interest. I saw my debt racking up while I was going there but the fact the school made it seem it didnt matter how much you took out the repayment plans could work with you.
I dont know what happened but Sallie Mae my loan company went bankrupt half way through my schooling and from that I think they might have changed what they offer for repayment. I would do anything for lower repayments.
I’M NOT LOOKING TO BE RIPPED APART IN HERE ON WHY A CHOSE SUCH EXPENSIVE SCHOOL… ( I went to the Art Institute for god sakes ) at the time it seemed no mater what the price there were repayment options to work with your income… which as of recently to find out they do not. I JUST WANT TO SEE IF ANYONE HAS ADVICE ON WHAT I COULD DO TO LOWER MY PAYMENTS.
When is it appropriate to file bankruptcy?
My husband is 21, unfortunately he has made some horrible decisions in his life regarding money. He is now considered ‘high risk’ by EVERY loan company you can think of, including the NO CREDIT BAD CREDIT NO PROBLEM people, lol. Now his (not mine, my name is not on it, and please remember, I just recently became his wife!) car is up for repossession. He leaves for basic in January, and that will solve many of our money problems. However, we NEED this car, myself and my daughter, while he is in basic and up until that time. How long will it take them to come get it? And the real question I am asking is–with his credit being this horrible, and owing all this money that’s so terribly behind, should he just file bankruptcy?? I know it will freeze the repo and we can at least keep the car. He is only 21, I know that is young, but his credit report is four pages long–of crap he still owes. Would it be better to start over even with a bankruptcy? (my credit is good.)
That is–keep the car for an undetermined amount of time. His mother (imagine that, the apple doesn’t fall far from the tree) filed bankruptcy earlier this year and drove her truck for free for over six months.
Do it yourself bankruptcy?
I am excellent at defending myself in court. I need to file bankruptcy to clear off a couple of 20-year old student loans and some credit card debt if I or my fiancee ever want to get any income tax refunded or receive any stimulus money. Without bankruptcy, we’ll never receive a dime back from the government and will also never get the debt paid off, at our advanced ages. Are there forms available anywhere which I can use to file with? I live in Texas.
FYI, when one does not pay a guaranteed student loan, the balance is taken out of every refund the federal government issues to you, i.e. your income tax returns, your spouses income tax returns, and any stimulus payments. This has been happening to me for the past few years. Instead of last year’s stimulus check, I received a notice from the IRS saying mine had been sent to a loan company. In Texas, once a student loan is more than…I’d have to look it up again, say 5 or 10 years, it is considered an undue hardship and does qualify for bankruptcy. Mine is 20+ years old.