For some consumers dealing with serious debt, bankruptcy is a good solution to their problems. However, filing for bankruptcy (Chapter 7 or Chapter 13) isn’t the right move for everyone who is struggling financially.
It is a last resort measure, but Chapter 7 bankruptcy can leave you with a fresh start and an opportunity to rebuild your credit from the ground up.
If you file for a Chapter 7 bankruptcy, what will happen to your vehicle? Most Chapter 7 filers have to decide whether they want to keep their car or surrender it to the lender.
The Detroit metropolitan area is the biggest in Michigan in terms of size and population. It is well known as the home of many automakers and is a key part of the U.S. economy.
Are you concerned about buying a car after Chapter 13 bankruptcy? Learn what you can do to improved your chances of being approved for an auto loan.
Chapter 13 is one of the two types of bankruptcy normally filed by consumers in the U.S. In a Chapter 13 bankruptcy, filers are usually able to keep their property. However, there are rules about vehicles and car payments.
The decision to file for bankruptcy should never be taken lightly. You will be committing to a complicated and invasive process that will negatively affect your credit for years. However, for some consumers, bankruptcy is a necessary and even beneficial ordeal.