URGENT: Get Approved By End of Year It’s expected that year-end clearance sales after Christmas will create a higher demand for financing, along with higher interest rates and more strict approval guidelines in 2017.
+ Read More
Get Your Application in Now




Until 2017

Auto Credit Terminology - Bankruptcy

Auto Credit Terminology - Bankruptcy

A bankruptcy is a proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved of further liability.

There are two types of bankruptcy for which consumers commonly file:
  1. Chapter 7 - Liquidation: This is faster to complete, and gives the debtor a financial fresh start without the years of sacrifice. However, most personal property of any value is forfeited.
  2. Chapter 13 - Reorganization: This allows an individual to begin debt repayment without forfeiting property. It requires that the debtor maintain a source of income and adhere to a payment schedule set forth by the court.
Apply Online in just 3 minutes: Apply Now

Auto Credit Express and the ACE logo are registered trademarks. The contents of all material available on this web site are copyrighted unless otherwise indicated. Content may not be reproduced, downloaded, disseminated, or transferred, in any form or by any means, except with the prior written agreement of the ACE Group. 3271 Five Points Drive, Suite 200 - Auburn Hills, MI 48326.