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Car Payments and Car Repossession

Sawin & Shea

Is a car repossession looming in your future? Car repossession is one of the many reasons people contact the Indiana bankruptcy attorneys here at Sawin & Shea. Here’s some good news: You don’t have to just give up and allow your car to be repossessed. Don’t let a car repossession happen without talking to an attorney first.

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Idaho Bankruptcy Court Holds that Later-Recovered Assets Revert to Borrower Absent Plan Provision to the Contrary

Troutman Sanders

In In re McCrorey , the debtors confirmed a chapter 13 plan, which required them to make payments for 60 months and provided no payments to unsecured creditors. Apparently, three years prior to the bankruptcy filing, the debtors had a vehicle repossessed by the bank.

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Dealing With Debt From COVID-19

Debt Free Colorado

They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. If you own a home the consequences of a judgment against you are more significant as judgment creditors can place liens against your home. Coronavirus Car Payment Relief Programs.

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How Businesses Use Corporate Debt Restructuring for Liquidity

Debt RR

Missing payments on secured debt causes the creditor to repossess the property as recourse. Some creditors issue bonds, which demand principal and interest payments. Secured Creditors. Unsecured Creditors. The lower a creditor is on the list, the less likely it is to receive a payout during liquidation.

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SURVIVING FINANCIAL DISTRESS FROM COVID-19 IN THE RESTAURANT, BAR, AND SERVICE INDUSTRY

BN Lawyers

These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. These creditors are not of equal importance. Low Priority: Unsecured Lenders and other Creditors. Unsecured lenders should generally be willing to defer payments.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts.