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auto loans - getting your questions answered

Very few people have the financial means to go out and buy a car with cash in hand. In most cases, an auto loan is required to purchase a vehicle. Are you considering purchasing a car with an auto loan but are unsure how the loan process works? On my site, you will find the answers to the many questions you likely have. You will learn about interest rates, the application process, how a lien works, and the insurance requirements that most lenders require you to maintain. Take your time and learn everything about auto loans to be sure you fully understand how the process works before falling in love with a car.

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What To Look At When Deciding On Whether Or Not Bankruptcy Is Right For You

If you have debts that just keep piling up and you feel as though you have no real reprieve from your financial struggles, then it may be time to start thinking about your options, like whether or not bankruptcy is right for you. There are many things that you need to consider when investigating bankruptcy. Keep reading to learn about a few examples.

Types Of Debts

Many people think that debts are completely discharged once the bankruptcy is filed and accepted by the court. However, this is not the case, and there are some things that you will still need to pay even if you go through the entirety of the bankruptcy process. For example, student loan debt will typically not be forgiven. You can try to argue that the debt has created an undue hardship though. To do so, you will need to prove that you cannot maintain a normal standard of living if you need to pay the debt. Also, you must show that you have attempted to pay the loan and that your financial status is not likely to change in the foreseeable future.

While you may be able to provide reasons why you cannot pay student loan debt, this is not something that you can do for court-ordered payment structures that include alimony, child support, repayments due to fraud, and federal taxes. You must pay these, and you likely will need to retain your originally agreed-upon repayment plan when doing so.

Keep in mind that credit card, medical, personal loan, and even vehicle loans can be discharge though, so this may be significant even if some of your debts still remain. 

How Much You Make

Bankruptcy courts will look at the amount of money that you make when deciding on whether or not you are eligible for chapter 7 bankruptcy. This number is compared to the median income in your area to see if it is above or below. If it is below the median income, then you can file for chapter 7. If it is not, then some further calculations are completed.

Specifically, monthly expenses are subtracted from the income to see there is enough money left over so that you can make payments during a chapter 13 bankruptcy. If so, you will be eligible for chapter 13 and not chapter 7.

There are some individuals who do not need to go through the means test when it comes to bankruptcy, and this will depend on your specific situation. Speak with a professional at a firm like Molleur Law Office who specializes in the legalities of bankruptcy to see what you will need to do.