Best Way To Get Rid Of A Car On Finance Top Ten Reasons People File for Bankruptcy

You are searching about Best Way To Get Rid Of A Car On Finance, today we will share with you article about Best Way To Get Rid Of A Car On Finance was compiled and edited by our team from many sources on the internet. Hope this article on the topic Best Way To Get Rid Of A Car On Finance is useful to you.

Top Ten Reasons People File for Bankruptcy

1. Eliminate the legal obligation to pay many of your debts.

This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared.

2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage.

If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind).

3. Prevent your car or other property from being repossessed.

Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if the bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay the finance company, rather you will make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company.

4. Reduce or even eliminate high medical bills.

Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills.

5. Recent loss of employment.

Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.

6. Stop harassing behavior from creditors.

Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.

7. Restore or prevent your utilities from being shut off.

As you have probably seen many of these reasons overlap. Some lead to another. If your home is in risk of foreclosure then your utility bill may also be in risk of being terminated. Filing bankruptcy can prevent the utility company from leaving you in the dark.

8. Provide help for large amounts of student loan debt.

While it is true that your student loans will not be eliminated like several other types of unsecured debt, bankruptcy can consolidate your student loan debt. This consolidation will allow a debtor to make monthly payments through Chapter 13 Bankruptcy that are within the financial ability of the debtor.

9. End wage garnishments.

Chapter 7 Bankruptcy will stop wage garnishment. Wage garnishment basically takes away your weekly earnings often times leaving you without necessities. Chapter 7 Bankruptcy allows you to purchase necessities for you and your family. Chapter 13 Bankruptcy will also help in this regard.

10. Challenge certain claims of fraudulent creditors.

Bankruptcy will allow you to challenge these claims from creditors who are trying to collect more money from you than you really owe. An attorney can provide the support and the backing you will need to step up to these creditors. Attorneys often even the playing field between a big creditor and a single debtor. Filing bankruptcy with an attorney can stop fraudulent reporting by a creditor.

Video about Best Way To Get Rid Of A Car On Finance

You can see more content about Best Way To Get Rid Of A Car On Finance on our youtube channel: Click Here

Question about Best Way To Get Rid Of A Car On Finance

If you have any questions about Best Way To Get Rid Of A Car On Finance, please let us know, all your questions or suggestions will help us improve in the following articles!

The article Best Way To Get Rid Of A Car On Finance was compiled by me and my team from many sources. If you find the article Best Way To Get Rid Of A Car On Finance helpful to you, please support the team Like or Share!

Rate Articles Best Way To Get Rid Of A Car On Finance

Rate: 4-5 stars
Ratings: 3394
Views: 13914131

Search keywords Best Way To Get Rid Of A Car On Finance

Best Way To Get Rid Of A Car On Finance
way Best Way To Get Rid Of A Car On Finance
tutorial Best Way To Get Rid Of A Car On Finance
Best Way To Get Rid Of A Car On Finance free
#Top #Ten #Reasons #People #File #Bankruptcy

Source: https://ezinearticles.com/?Top-Ten-Reasons-People-File-for-Bankruptcy&id=15274

Related Posts

default-image-feature

Best Way To Finance Short-Term Loan For Rehabbing Real Estate Commercial Mortgage Loans – What Rates Do Hedge Funds Charge For Commercial Mortgages?

You are searching about Best Way To Finance Short-Term Loan For Rehabbing Real Estate, today we will share with you article about Best Way To Finance Short-Term…

default-image-feature

Best Way To Finance A Used Car From Private Seller Used Car Buying Tips Guide

You are searching about Best Way To Finance A Used Car From Private Seller, today we will share with you article about Best Way To Finance A…

default-image-feature

Best Way To Finance A Car From A Private Seller Checklist For Buying Pre-Owned Cars

You are searching about Best Way To Finance A Car From A Private Seller, today we will share with you article about Best Way To Finance A…

default-image-feature

Best Way To Buy A Used Car Cash Or Finance How to Buy a Car? 10 Step Strategy for Buying a Better Car Without Overpaying

You are searching about Best Way To Buy A Used Car Cash Or Finance, today we will share with you article about Best Way To Buy A…

default-image-feature

Best Way To Bring Your Own Financing For A Car Seven Strategies to Evaluate a Car Dealership

You are searching about Best Way To Bring Your Own Financing For A Car, today we will share with you article about Best Way To Bring Your…

default-image-feature

Best Way To Break Into Finance Cold Email Cold Linkedin How to Fix Up Appointments With Leads and Orphan Customers

You are searching about Best Way To Break Into Finance Cold Email Cold Linkedin, today we will share with you article about Best Way To Break Into…