Needless to say, Congress did not like finance companies that loan money to consumers, and list household furniture, appliances, yard equipment and other needed items, then threaten to repossess those if a consumer gets behind on payments.\u00a0 Therefore, if a finance company has loaned you money and taken a lien on those household furnishings that you had already paid for,\u00a0 you can discharge (i.e. wipe out) that lien in a bankruptcy.\u00a0 This can be done only in bankruptcy.\u00a0 If you qualify to file a chapter 7 bankruptcy, you discharge (i.e. wipe out) the entire finance company debt.\u00a0 You can do this no matter how many finance companies you owe money to.\u00a0 If you file a chapter 13 bankruptcy, you would pay only a percentage of the debt without interest.\u00a0 These bankruptcy maneuvers save consumers thousands of dollars.<\/p>\n
If however a finance company has financed some new property, such as a television, stereo, mattress, appliances, furniture, etc. you must pay those debts in a bankruptcy.\u00a0 However, if you file a chapter 13 bankruptcy, the monthly payments and interest rates are reduced considerably, which frees up money for basic necessities such as house payments, car payments, groceries, utilities, etc.\u00a0 Again, this can only be done in bankruptcy.<\/p>\n
We at The Cooper Law Firm have helped thousands of consumers restructure their household debts by reducing monthly payments and interest rates, or by wiping out certain debts altogether.\u00a0 Understand that if you wipe out debts in bankruptcy, creditors whose debts are wiped out are forbidden by law to ever ask you to pay those debts forever.\u00a0 Once debts are wiped out in a bankruptcy, they are wiped out forever.<\/p>\n
Do yourself a favor and call us at The Cooper Law Firm at 864-271-9911 or 1-800-356-0091, or visit us on our website at\u00a0www.thecooperlawfirm.com.<\/a>\u00a0\u00a0 We offer a free initial consultation, and we would like to help you and your family obtain the fresh start you deserve.<\/p>\n","protected":false},"excerpt":{"rendered":" Needless to say, Congress did not like finance companies that loan money to consumers, and list household furniture, appliances, yard equipment and other needed items, then threaten to repossess those if a consumer gets behind on payments.\u00a0 Therefore, if a finance company has loaned you money and taken a lien on those household furnishings that… Continue reading HOW ARE FINANCE COMPANIES TREATED IN BANKRUPTCY<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,4,1],"tags":[11,24,25,26,28,29,33,32,34],"_links":{"self":[{"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/posts\/9"}],"collection":[{"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/comments?post=9"}],"version-history":[{"count":1,"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/posts\/9\/revisions"}],"predecessor-version":[{"id":10,"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/posts\/9\/revisions\/10"}],"wp:attachment":[{"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/media?parent=9"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/categories?post=9"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thecooperlawfirm.com\/blog\/wp-json\/wp\/v2\/tags?post=9"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}