The Facts About Repossession And How It Works
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James Copper
Apr 26, 2013, 5:10:03 PM4/26/13
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Article Title: The Facts About Repossession And How It Works
Author: James Copper
Word Count: 613
Article URL: http://www.isnare.com/?aid=147145&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=147145
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When you face repossession of your home or your car, you may need to declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you real estate filing bankruptcy will temporarily stop any repossession process.
If you have already had your car or home repossessed (foreclosed on, in the case of your house) you may still be able to get either or both back if you act right away.
If you file a chapter 13 bankruptcy you should be able to keep your home and your car. If you file a chapter 7 bankruptcy you will keep both for awhile but you might ultimately be faced with repossession for liquidation.
Depending on which U.S. state you live in, and what the state laws say about the matter, the trustee of that bankruptcy may be charged with liquidating both your car and home to pay your debts.
Declaring bankruptcy, while it can halt or at least slow down the repossession process should not be looked at as the preferable cure for your financial problems.
While it is one course of action - and if it gets to the point of repossession drastic action would be required to save your home and vehicle - it�s always best to try to salvage the situation through debt consolidation, loans or negotiation with your creditors.
Bankruptcy will give you somewhat of a fresh financial start but it can have consequences almost as grave as repossession.
The fact that you had a bankruptcy will be on your credit record for ten years, and that is a matter of public record, unlike your other credit history. If you should run into similar financial crises and subsequently repossession possibilities you won�t be able to again declare bankruptcy for another eight year.
There are two types of bankruptcy, as we mentioned before, that will help you keep your home safe from foreclosure and your vehicle from repossession. A Chapter 7 bankruptcy is a short term band aid whose help depends on your home�s equity and that state�s laws on homesteading and personal bankruptcy.
If you file for a Chapter 13 bankruptcy, however, not only will it stop that repossession and foreclosure but it will more than likely save you from losing your home at all. With a Chapter 13 bankruptcy you will make arrangements to pay some of your debt and generally all of your debt on any secured loans.
Chapter 13 is sometimes called a wage earner bankruptcy because it lets debtors who have their own consistent income create a financial plan to repay at least a portion of their debts.
With a typical Chapter 13 the debtor ask the creditors to accept installment payment for three to pay years. During this time frame these creditors are legally restricted from continuing collection efforts or starting any new ones.
The debtor�s level of income and the type of bankruptcy determine the time allowed for repayment. The primary benefit to choosing a Chapter 13 over a Chapter 7 is to save a home and car from repossession.
This is in sharp contrast to a Chapter 7 bankruptcy in which a trustee takes repossession of all or most of the debtor�s property and liquidates it to settle debts.
Once the possessions are sold and the money paid to creditors, all debts are erased whether there was enough money to pay them off or not. There are some exceptions, of course. Bankruptcy will not protect a U.S. citizen from the IRS.
About The Author: James Copper is a repossession specialist and has spent many years helping people to avoid and stop repossession - http://www.stop-repossession-today.co.uk
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=147145
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=147145
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=147145
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: The Facts About Repossession And How It Works
Author: James Copper
Word Count: 613
Article URL: http://www.isnare.com/?aid=147145&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=147145
Easy Publish Tool: http://www.isnare.com/html.php?aid=147145
*********************** ARTICLE START ***********************
When you face repossession of your home or your car, you may need to declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you real estate filing bankruptcy will temporarily stop any repossession process.
If you have already had your car or home repossessed (foreclosed on, in the case of your house) you may still be able to get either or both back if you act right away.
If you file a chapter 13 bankruptcy you should be able to keep your home and your car. If you file a chapter 7 bankruptcy you will keep both for awhile but you might ultimately be faced with repossession for liquidation.
Depending on which U.S. state you live in, and what the state laws say about the matter, the trustee of that bankruptcy may be charged with liquidating both your car and home to pay your debts.
Declaring bankruptcy, while it can halt or at least slow down the repossession process should not be looked at as the preferable cure for your financial problems.
While it is one course of action - and if it gets to the point of repossession drastic action would be required to save your home and vehicle - it�s always best to try to salvage the situation through debt consolidation, loans or negotiation with your creditors.
Bankruptcy will give you somewhat of a fresh financial start but it can have consequences almost as grave as repossession.
The fact that you had a bankruptcy will be on your credit record for ten years, and that is a matter of public record, unlike your other credit history. If you should run into similar financial crises and subsequently repossession possibilities you won�t be able to again declare bankruptcy for another eight year.
There are two types of bankruptcy, as we mentioned before, that will help you keep your home safe from foreclosure and your vehicle from repossession. A Chapter 7 bankruptcy is a short term band aid whose help depends on your home�s equity and that state�s laws on homesteading and personal bankruptcy.
If you file for a Chapter 13 bankruptcy, however, not only will it stop that repossession and foreclosure but it will more than likely save you from losing your home at all. With a Chapter 13 bankruptcy you will make arrangements to pay some of your debt and generally all of your debt on any secured loans.
Chapter 13 is sometimes called a wage earner bankruptcy because it lets debtors who have their own consistent income create a financial plan to repay at least a portion of their debts.
With a typical Chapter 13 the debtor ask the creditors to accept installment payment for three to pay years. During this time frame these creditors are legally restricted from continuing collection efforts or starting any new ones.
The debtor�s level of income and the type of bankruptcy determine the time allowed for repayment. The primary benefit to choosing a Chapter 13 over a Chapter 7 is to save a home and car from repossession.
This is in sharp contrast to a Chapter 7 bankruptcy in which a trustee takes repossession of all or most of the debtor�s property and liquidates it to settle debts.
Once the possessions are sold and the money paid to creditors, all debts are erased whether there was enough money to pay them off or not. There are some exceptions, of course. Bankruptcy will not protect a U.S. citizen from the IRS.
About The Author: James Copper is a repossession specialist and has spent many years helping people to avoid and stop repossession - http://www.stop-repossession-today.co.uk
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=147145
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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