I am in the process of buying a short sale and sellers lenders have approved a pay off. We were getting ready to close when the title company found a judgement lien on the house from a car company. Obviously we can’t get the title until the lien is removed. Since the sellers filed bankruptcy what are the chances that they can file a lien avoidance and a judge will remove the lien from the house so we can legally purchase it?
Please help. I need advice. I’m looking to buy a vehicle from someone for 00 this week because I have no way to get to work and he needs the money ASAP or else I’ll lose the opportunity. I have horrible credit (or else I would finance through a car company) and I’m planning on filing for bankruptcy (first time) in the next few months (due to many, many things going to collections).
I just realized today that if I buy this car and then file bankruptcy (Ch. 7), they may be able to take my car, even though it’s worth maybe 00 (it’s a ‘96 Jeep Cherokee). I then thought, well, what if I try to get a loan through a bank to pay it off? I only make about 00/month (when it’s loads of overtime) so I can’t afford to pay this person unless I get a loan of some sort.
My question is, if I get a loan, buy the car and THEN file for bankruptcy, can they take my car?
OR if I somehow come up with the cash and buy the car and THEN file for bankruptcy, can they take my car? Like I said, not worth much.
Any advice would be greatly appreciated. Thank you.
Most of Congress has decided that bailing them out is not worthwhile because it won’t work anyway and they’ll just need more money in a matter of months. I agree with this. Some in Congress point out that a car company cannot survive in bankruptcy because need for parts and service are on-going and who the heck is going to buy a car from a bankrupt company (unless the car is sold well undervalue)? I think that’s also correct. So here’s what I think is the only real solution: All 3 should merge and form one company which, of course, will mean lay-offs, but not nearly as bad as the alternative. This single company would still be competing against foreign auto makers, so there are no worries about a monopoly.
Does anyone else agree with me? If not, what do you see as the alternative? Remember — letting these companies go out of business means 2 – 3 million workers losing their jobs.
Please offer the alternative to what I’m suggesting and why yours is a good idea.
Dewey, I agree, but in the meantime these 3 auto makers are on the verge of going out of business. The CEOs of GM and Ford told Congress their companies would be out of business within a year unless they received a bail-out — which they didn’t receive. Don’t even get me started about their corporate jets — what a disgrace!
Im 20 years old and got into a big problem when i was 18-19.
I had a credit card through my bank and then decided to get a car. i went to one of those car places that approves you even if you dont have good credit. needless to say all of the payments got me caught up and because of some life events i ended up not being able to pay any of them. My car was repo’d and my credit card and bank account are charged off now. At this point im getting called 10-15 times a day from the car company and collections. Its been about a year since my last payments and my family thinks i should file bankruptcy.
I really want to get this cleared up but im not sure how to get started!
If anyone has any advice please help!
I filed bankruptcy in 2005. My car loan was included in the bankruptcy. The loan was not reaffirmed, but I kept the car and continued to make monthly payments. The car company has made me pay through their "bankruptcy department" and won’t send me bills or provide me online access to my account. If I let this car go back, will it be counted as a repo, or is it part of the bankruptcy? My lawyer at the time said that it would be part of the bankruptcy and the car company couldn’t count it on my credit as a repo if I ever lost the car. But he wasn’t that good of a lawyer. My credit is really really poor, so would a repo on my record really hurt me at this point?
I need to know what others think out there …
I’ve owned 3 Cherokees (XJ) and 2 Grand Cherokees
Currently own a 1998 Teal/Blue XJ CHEROKEE 4WD 5SPD 4 doors 4.0 I6 NEW RARITY as I’ve heard – Try searching for a manual 4wd Cherokee above a 97 and see how many you find…(autotrader or any other)
I do NOT want Jeep to go out of business just because of a stupid car company … They have been switched from so many other companies and I feel "JEEPERS" need to take over the company and restructure the JEEPS and get rid of LIBERTYS / COMMANDERS and GO BACK to the SQUARE BODY and BRING ME BACK MY I6 CHEROKEES
Yes I know they are already Bankrupt…
Yes I know Fiat "maybe" wants to take them over… but what will it mean for JEEP if they don’t?
New CEO should listen to REAL JEEPERS for once !