Filing Bankruptcy After Repossession?
What is a repossession?
When you buy and finance a car, you make an agreement to pay a lender (usually a bank) on a monthly basis. If you break the agreement by not making payments, the lender can start the process of repossession to get the car back. This is possible because the creditor has a lien on the car, and the debt is considered secured debt. Why file a bankruptcy after a repossession?
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