What would be the effects of the market bailout on one who filed bankruptsy?
I filed for bankruptsy last year, and I kept my car in the bankruptsy. I still make my car payments on time. WIll the 'bailout' have any effects at all on this?
I filed for bankruptsy last year, and I kept my car in the bankruptsy. I still make my car payments on time. WIll the 'bailout' have any effects at all on this?
Phil R
Favorite Answer
I'm assuming that you filed for a Chapter 7 bankruptcy.
If you did, and you either chose to reaffirm the car loan, or you are in a jurisdiction which allows you to retain the collateral and make the payments without consequences, then the bailout which is under discussion shouldn't have any effect on you unless your contract calls for a variable interest rate on your car loan. In that case, your interest rate may change, depending on market circumstances.
If you are in a Chapter 13 bankruptcy, its good bankruptcy practice to include your car payments into the Chapter 13 plan. This means that you should be making the same payments regardless of what happens under the economic bailout.
For more specific information, contact your bankruptcy attorney.
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do not comprehend if it have been given any further have confidence regardless of the undeniable fact that it saved it from crashing there is approximately a hundred,000 areas in a vehicle none of them are made out of GM the Domino results of them going under could have began the subsequent melancholy
sensible_man
Nothing will happen as far as you are concerned. This is aimed at saving rich people.
dlk
Nothing, all this money does is for our Governmentto buy up TOXIC ASSETS that are worth ****.