Stop Repossessions with Bankruptcy: How Your Vehicle Can Survive The “Repo Man”
In these difficult times, with thousands of people losing their jobs every month, it can be hard to keep up with all the expenses, especially when the bills keep coming. Falling behind on payments for a vehicle happens to the best of us. Sometimes life deals you adversity like an unexpected medical bill, a work related layoff or some other situation that no one plans for in the budget. You don’t have the money for it, but if you put off the car payment, you can get the bill paid, and hopefully can catch up on the car payment next month.
To that end, Chapter 11 has two entirely separate aspects. First, Chapter 11 empowers the debtor to operate without a number of restrictions imposed by prebankruptcy contractual commitments and to shed contractual obligations that are a burden upon the business. Second, creditors can allocate the enterprise values by majority vote as long as certain basic criteria are met.