Reminiscent of the housing crisis, some car dealers in the U.S. appear to be fudging financial details to get borrowers approved. According to a recent article in The Wall Street Journal, inflating borrowers’ incomes so they can qualify for a car loan is a growing trend across the country resulting in some dealerships being sued by state and federal authorities. It’s not just a matter of turning a blind eye when borrowers fib about earnings, but a proactive approach on the part of … [Read more...]
Keeping the Essentials – Your Home and Car in Bankruptcy
A Chapter 7 bankruptcy, otherwise known as a liquidation bankruptcy, wipes out debt completely and appeals to many who cannot afford to pay their bills. But what about people who have non-exempt property that they do not want to give up? Chapter 13 is a reorganization bankruptcy and offers an opportunity for debtors to keep their property by agreeing to make monthly payments toward their debt over the course of three to five years. Chapter 13 bankruptcies may allow you to restructure your … [Read more...]