Unexpected Benefit: Get Back Your Just Repossessed Vehicle

Wasson and ThornhillVehicle Loans

File bankruptcy before your lender takes your vehicle. But if you couldn’t, bankruptcy may still get back your just-repossessed vehicle.   When Does a Lender Repossess a Vehicle? When CAN a vehicle lender repossess your vehicle? Just about all vehicle loan contracts let the lender repossess the minute you are late on a payment. There may be a legal grace … Read More

12 Unexpected Benefits of Bankruptcy

Wasson and ThornhillBankruptcy Options

Bankruptcy gives you immediate and long-term relief from your creditors. But there are many other unexpected benefits of bankruptcy.      The next 12 blog posts will be about some of the most powerful and surprising benefits of bankruptcy. You’re likely considering bankruptcy because you need financial relief. You need immediate relief from debt collection pressures. You need long-term relief from having to pay … Read More

Reaffirmation of a Non-Current Debt

Wasson and ThornhillVehicle Loans

In theory the terms of a reaffirmation agreement are negotiable. But many creditors require you to be current on the debt to reaffirm it.   Two blog posts ago we introduced reaffirmation agreements, and in the last one we discussed their risks. Today we get into what happens if you are not current on a debt that you want to … Read More

Debt Reaffirmation Comes with Risks

Wasson and ThornhillVehicle Loans

Reaffirmation of a secured debt, like a vehicle loan, can be a great way to keep the vehicle or other collateral. But know the risks.   Last time we introduced reaffirmation agreements as a good way to keep collateral like a vehicle under Chapter 7. Essentially, you get to keep the vehicle or other collateral in return for agreeing to … Read More