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How to avoid Repossession of your Car during Bankruptcy?

Car is no longer a luxury for an American; it has become a necessity for his survival.

Don’t worry about your car, when you file for Chapter 7 bankruptcy. You can keep using your car during bankruptcy. You just have to inform the bankruptcy court about your decision by filling an official document called Statement of Intention (SOI).

Why is it important to take a quick decision about your car?

When a person files for bankruptcy, the “Automatic Stay” prevents creditors from repossessing your assets. But, the stay is not absolute. The lender can ask the bankruptcy court to remove the stay and repossess your car. So, it is important that you take care of your car before filing for bankruptcy.

If you want to keep your car during Chapter 7 bankruptcy and don’t want it to repossess, you have two other options:

1. You can opt for Redemption and pay a lump sum amount to the lender. The amount will be equal to the current value of the car.

If you have money to cover the current value of your car, you can opt for redemption and buy the car disregarding the total loan balance. For example, your total loan amount may be $15,000 but if the car’s current value is just $10,000, you will have to pay $10,000 only.

2. You can enter into a contract with your lender and continue to make payments to the lender as if you did not file for bankruptcy. It is called Reaffirmation.

Now, most people who file for bankruptcy don’t want to part with a large amount of money. So, redemption is a less popular choice. If you want to keep using your car during bankruptcy, you can choose reaffirmation and continue making smaller payments to the lender in comparison to making a lump sum payment.

What are the benefits of Car Loan Reaffirmation?

• Impossible to get loan approval

Lenders don’t provide car loan approval to people in bankruptcy. Also, it becomes very difficult for people with a history of recent bankruptcy to obtain a loan. So, it is wise to stick to your current loan program.

• Higher loan terms

Even if you manage to get approval, the interest rates are exceptionally high on post-bankruptcy auto loans. It is extremely risky to obtain a loan with exorbitant rates because it will impair your credit score.

• Upper hand in the negotiation process

If you let the car repossess, lender will have to carry out a lot of processes to recover money. He/she will have to sell the car at an auction and accept whatever money he/she receives. So, it is in his/her interest that you keep making payments. You can take advantage of this situation and obtain lower rates on your loan.

So, now that you know all about car loan reaffirmation, do not worry about your car during bankruptcy.

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Jet Airways Good Or Not? Find Out

Jet Airways, is a pretty good way to fly, as long as you don’t go very short distances. If going short distances, such as domestic flights, the flight is very boring and there is no entertainment. The seats are very small and very uncomfortable to sit on for more than 2 hours long. These flights need to be remade to get more leg room also. I will talk about some of the things in this airline. One thing is their service. Their service is about 4.5- almost 5 star service. If you call them, they don’t take much time to come either. Only thing I would criticize about their service is that they don’t let a person sleep. If a person is asleep and it is time for a meal, they personally wake you up, just to give you food.

Now about their food. Their food is almost-completely awful. Well I cannot blame them because all airplane food is disgusting. They give more coffee than water. I asked for water, and they gave me a teacup size to drink in and their tea cups are like 1/4 a cup. So food wise, it is awful. Next is comfort. For comfort, it all depends where you are going. If you are going from New York to Virginia or New York to Michigan, which is barely a 2-3 hour flight, your comfort level will be way down. Now if you are going from New York to Belgium, or California to Belgium, the comfort level will be pretty high. There is almost enough leg space to spread your legs. There is also a nice sack by your feet to put your things in or put your feet in. They have a small tv right in front of you. Now if you go to premiere class on Jet Airways, you will always be comfortable.

Overall, this airline is pretty good, as long as you travel long distances.

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Emirates Airlines- Good or Bad? Read and Find Out

Emirates Airlines, is one of the best airlines on earth. It is very comfortable, where ever you go, it is very roomy, and great service. No matter how bad you think other airlines are, if you go on Emirates, you will change your mind and always want to fly, in fact live on the Emirates plane.

Service:
Starting with service, there is no criticizing because it is so perfect. Their service is not only 5 star maybe 6 star. They come really fast if not instantly if the airline employees are called. They serve you like they are your mother and father and you are their children. They speak very clearly and they will comfort you and every single way they can. They will never deprive you of something you need. You want some chocolate, just ask and they bring you a bag of chocolates. If you need water, unlike some airlines, they give you a decent sized water bottle. It is not very big, but it will be sufficient for a thirst quencher considering it is a flight.

Comfort:
Comfort is just as amazing as service, in fact better. I would consider the comfort 6 stars. Their comfort is awesome. The middle rows have so much leg room. It feels like you are on 1st class even though you are in economy class. If you look at the 1st class suites, they are amazing. You get your own little sink and a bed. It is amazing to sleep on it. I think they look more comfy then our beds at home. The seats are very cushioned and very comfortable. They have nice pillows and a warm tidy blanket also, that will put you to bed like a baby.

All in all, I think Emirates Airlines is a really good airlines to go on if traveling internationally.

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