Deficiency on auctioned car do I have to pay it?

Recently on our bankruptcy forum a user asked, “If I was unable to make car payments on my vehicle and the lender came and repossessed the vehicle then sold it at auction for less than the full value of my loan, what does this mean? Will I be responsible for repaying the balance of the loan payments or the deficiency after the auction?”

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Voluntary Surrender vs. Repossession

Financial crisis can strike at anyone at any time. A divorce, job loss, or unexpected medical condition may make it impossible for you to meet some of your debt obligations. Recently on our legal forum a user asked, “I recently bought a new Lexus. Unfortunately, six months later I received a severe cancer diagnosis. I am no longer able to make my car payments. Is it better to voluntarily surrender the vehicle back to the creditor or should I just wait for them to repossess the car?” Continue reading

Student loan debt can my child support be garnished?

Unfortunately the growing number of students who have graduated college with student loan debt they cannot repay has sky-rocketed. In fact, according to Fox News, there are currently $1.11 trillion in student loans outstanding and $121 billion of them are 90-plus days delinquent or in default.

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Can I file bankruptcy without my spouse?

Recently on our bankruptcy forum a user asked, “I just got married and I have a substantial amount of credit card debt, unsecured personal loans, and medical debts. Can I file Chapter 7 bankruptcy without my spouse and have these debts discharged?”

Spouses may file Chapter 7 or Chapter 13 bankruptcy with or without their spouse. Assuming all of the joint debts are paid, you may even be able to file bankruptcy without jeopardizing your spouse’s credit.

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Car loan, medical debts and house loan will bankruptcy help?

Even with what experts are calling a “financial recovery,” many debtors continue to struggle to meet their debt obligations. Whether it’s a severe medical crisis, unemployment, or simply the rising costs of goods and services, you may have debts you simply cannot pay.

Recently on our bankruptcy forum a user asked, “I have substantial debts including thousands of dollars in medical bills, a house payment, and car loan I cannot afford. Can I discharge these debts in bankruptcy, and if not, what are my other options to start over?”

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