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Collections Law/Car Repo and Banckruptcy
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Question
I had a car repo after a job loss, and the vehicle was sold at auction leaving me with a defiency balance of 15,400 dollars, in addition to student loans of 40k and miscellaneous debts I am considering bankruptcy, I am unemployed and wondering if a ch. 7 would be in order, I originally filed ch 13, but couldn't make the payments so that was dismissed. I know ch. 7 in my state of MI stays on your credit for 10-11 years, not sure I want to go that route, or if I even have an option in dealing with so much debt and no job and no car now.
This will be a lot easier to talk about on the telephone. If you call me at this number tonight (Tuesday) or tomorrow. I will be glad to talk with you in more detail and I will not charge you just to talk on the phone. My cell number is 432 853-5711 I look forward to hearing from you.
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Answers by Expert:
John Hall
Expertise
Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and 13 of the United States Bankruptcy Code) primarily representing individual debtors with consumer debt or small businesses; Experience has included all aspects of debtor/creditor relations.
Experience
FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.
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