If you are looking to finance your car while having bad credit, there are many auto finance options available for you. Not all financing companies offer bad credit auto loans. Traditional financial institutions like banks are the most adamant in offering bad credit auto finance. Their strict terms and conditions are in most cases not favorable to those with bad credit. Car dealers do offer bad credit auto finance. Know first how they operate before signing any auto financing deals with them. Most individuals in need of auto finance believe that their options are limited to car dealers, and yet, this is not true.
Although car dealers offer bad credit auto finance, they tend to hike up the interest rate charges for their own interests. When you ask a car dealer for a bad credit auto loan, they approach a different auto finance lender on your behalf. This lender may agree to your auto loan application for, say 9% interest rate. The car dealer may in turn give you a rate of 11%, clearly higher than the original amount, so that they too make profit from your auto finance. When you agree to these terms, you will end up paying more than you would have if, for example, you took pre-approved auto finance.
You may consider approaching online lenders for bad credit auto financing. Their numerous numbers brings competition among them, and you may end up getting really good bad credit auto loan deals. By comparing quotes of different auto lenders, you are bound to find one that will best suit your budget.
Available, bad credit, Bad Credit Auto, Credit Auto
A cynic is someone who knows the price of everything and the value of nothing.
Oscar Wilde
The great recession has caused a once housing obsessed country to lose its appetite for real estate. Its no coincidence that the tidal wave of house flipping reality TV shows has retreated to late night televisions infomercial nether regions. Homeowners everywhere are feeling the pain that the personal guarantee can inflict. Prices have gone down, interest only mortgage balances have remained intact. Ouch. The blogosphere and talking head commentators have taken notice. Investment expert James Altucher recently penned an interesting article on his blog titled: Why I am Never Going to Own Another Home Again.
No doubt Altuchers unapologetic attack on the white picket fence dream is compelling. Its true, homes are often money pits requiring unforseen maintenance. Theyre a constant drag on time. Owning a home severely limits mobility.
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Deficiency judgments are relatively rare these days, but they do occur from time to time, and they do leave debtors in a great deal of distress and financial hardship. One reason for claiming a deficiency judgment is when a creditor feels that a debtor is in a position to pay – this can often be misguided as the creditor often has no idea as to the financial situation of the debtor. So what is a deficiency judgment, you ask?
When an asset is repossessed, or a home foreclosed on, because the debtor is in arrears, the asset (or home) is generally sold at auction and the monies raised used to pay off the debt. In most cases, the money raised does not cover the outstanding debt leaving the creditor with a loss on the whole transaction. The creditor can sue for that loss (or deficiency) and, should they win, they will be awarded a deficiency judgment for the outstanding balance. The creditor can then seek wage or bank garnishments.
For the debtor, they have a choice. If they are aware of the deficiency hearing, they can dispute their ability to pay. T
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Deficiency Judgments, Judgments
Earlier this month, the Chapter 7 Trustee (the “Trustee”) appointed in the Indalex bankruptcy began filing avoidance actions against various Indalex creditors. For those not familiar with the Indalex bankruptcy, Indalex filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware on March 20, 2009. Prior to filing bankruptcy, Indalex was one of the largest aluminum extruders in the United States.
In April of 2009, I wrote a post summarizing the Indalex bankruptcy proceeding. A link to my prior post is available here for review. Months after Indalex filed for bankruptcy, the company sold substantially all of its assets. The Bankruptcy Court entered an order approving the sale of assets on July 20, 2009. Approximately two months after the Court approved the sale of assets, the Official Committee of Unsecured Creditors filed a motion seeking to convert the Indalex proceeding from a chapter 11 reorganization to a chapter 7 liquidation. Indalex and other parties in interest submitted an agreed order converting the case to chapter 7 on October 14, 2009.
With the sale of substantially all of Indalex’s assets and the conversion to chapter 7, Indalex is no longer operating as a viable business. Instea
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Actions, Indalex Bankruptcy
Most debtors are unaware that a statue of limitations exists for debts. A statute of limitations is a set time period after which creditors can no longer collect on a debt – the debt is said to be stale. Each state has its own time period and it can range from three to six years. While it is an integral part of the consumer protection system, most people don’t realize how important if could be.
The tricky part to a statute of limitations is trying to identify the actual start date. Generally speaking, it is set at the date of the last payment. However, creditors often try to get around this by selling the debt to another party thus trying to reset that start date. The new debt owner will often try to resell it again as the statute of limitations date draws close. For debtors, the original date is the important date no matter how many times that debt has been sold.
As a debtor who may be considering bankruptcy, you need to be aware of this statute of limitations for a number of reasons. First, you may be able to use this legal aspect to negate a debt and avoid having to go through bankruptcy. A s
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Debts, Debts Consumer
Yes, if youre behind on your mortgage, the bank can foreclose while youre in bankruptcy. There are two common situations in which foreclosure can take place during a bankruptcy.
1. Youve fallen behind on mortgage payments: While filing bankruptcy will temporarily stop foreclosure, it wont get you out of paying the mortgage. If you file bankruptcy owing past due mortgage payments, the foreclosure process will be disrupted, but only temporarily. The bank will file a motion asking for permission to foreclose and there wont be a whole lot your attorney can do to stop them. Despite what you may have heard about the broad protections of bankruptcy, filing a case doesnt give you a free house.
2. Youve surrendered your home in bankruptcy: Homeowners who find themselves hopelessly underwater often elect to surrender their home in a bankruptcy. Surrendering the home allows the borrower to effectively remove their personal guarantee from the note.
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Bankruptcy, Foreclose While