Dealing With Too Much Debt - What Are the Consequences of Bankruptcy

If your car is taken back by the loan company and the amount that they raise from

selling it is less than the value of the loan you will be left with a shortfall debt. This is just like any other personal debt (credit card, personal loan) and the loan company can and will come after you for it. If you are considering bankruptcy then it is important to realize that a secured motor finance loan will not be included in the bankruptcy but a shortfall debt would be. Therefore if you think that you are going to declare bankruptcy it is important to hand the car back and get the shortfall debt established before you declare bankruptcy. If you don't, you could end up with a debt that is not included in your bankruptcy.

Dealing With Too Much Debt - What Are the Consequences of Bankruptcy

By: pollstump

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