The bankruptcy law Diaries
This is named redemption. In exchange, you don’t really need to make anymore monthly payments, and you personal the car totally free and distinct. The difference between the car’s value and That which you owed around the personal loan will be discharged as an unsecured credit card debt as aspect of your respective bankruptcy.
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After you file your bankruptcy case, the court docket assigns you a situation quantity. The find here moment this occurs, an computerized stay goes into result. The remain signifies that in the course of the bankruptcy action your creditors can now not appear after you to gather with your debts.
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