Can Bankruptcy Help Prevent My Car From Being Repossessed?
According to The Washington Post; “A record 7 million Americans are 3 months behind on their car payments” – February 2019. That title says it all. In other words, if you are filing bankruptcy and have missed your car payments, but you still want to keep your car, you are not alone.
The Credit Union Journal has a recent article in the May 2019 edition titled; “In avoiding subprime auto loans, are Credit Unions shunning their roots?” It turns out that car loan defaults are once again at historic highs. This is a nationwide problem for lenders, and not just locally here in Ventura County or Los Angeles County.
There are legal remedies you can deploy to stop your car from being repossessed. Many consumers do not realize that under both Chapter 7 and Chapter 13 Bankruptcy Law you can temporarily prevent car repossession by your lender. This is because during bankruptcy proceedings the court issues an “Automatic Stay” prohibiting and preventing the lender from repossessing your car. The lender can ask the court remove the ‘automatic stay’ and if the court agrees, the lender may take possession of the car anyway, but this temporary stay may be all you need to get the lender’s attention to work with you and your attorney on a modified repayment plan.
The best way to deal with this situation is to be in contact with your car lender, and it’s best to do that through a bankruptcy attorney, it holds more weight. It also stops the lender from trying to bully you. Your attorney can renegotiate the terms and help you set up a new payment structure thus, allowing you to keep your automobile in a bankruptcy.
Consider if you will that lenders don’t really want to repossess cars, they are not in the automotive business, they are in the lending business, they just want to be paid, as per the original agreement. If they realize that isn’t going to happen, they will weigh their options and consider what’s best for them. Perhaps, a reduced interest rate, reduced balance, or renegotiated terms are better for the lender than a repossessed used car with low resell market value due to wear and tear and depreciation. Face it lenders do not want to lose any more money than they absolutely have to.
Another important point you must remember; the ‘automatic bankruptcy stay’ is only temporary, and if you haven’t been making timely payments, once your case is closed you can expect the lender to demand return of the car or they will repossess it. Also keep in mind that the stay is only good during the bankruptcy proceedings which for Chapter 7 lasts about 3 months or so.
What’s the Best Way to Prevent Car Repossession During Bankruptcy Court Proceedings?
Make the payments
Make up missed payment
Come up with a repayment plan, ask court to approve it
Stay in contact with the lender through your attorney
Ask for some help perhaps paying interest only for a couple of payments
Renegotiate the Car Loan
Ask court if you can buy your car back for its fair market value (Redeeming Your Car under Chapter 7 Bankruptcy Law).
Ask your bankruptcy attorney about ‘cramdown’ strategies in Chapter 13 bankruptcy
What Can You Do If Your Car Is Repossessed Before the Bankruptcy Filing Date?
Ask your bankruptcy attorney to help you come up with a repayment plan so the lender can get the missed payments. If this has happened to you, and if your car has already been repossessed, do not delay. Call your bankruptcy attorney now! That’s probably the best advice of all.
Summing it all up!
You need to know your rights and understand the motivations of your lender. You need a good solid bankruptcy lawyer who works for you, one who has dealt with the local lenders here in Ventura and LA County. An attorney who gets it and has decades of experience. With the right strategy, you’ll be able to keep your car, prevent humiliation, and prevent loss of your transportation. After all, we live in California and you need a car.
Will Crypto-Based E-Commerce Destroy the Dinosaur-Style Banking Industry?
Banking, as we know it, has been around since the first currencies were minted-perhaps even before that, in some form or another. Currency, in particular coins, grew out of taxation. In the early days of ancient empires, annual taxation on one pig may have been reasonable, but as empires expanded, this type of payment became less desirable.
However, since the Covid situation, not only have we seemed to move to a “cashless” society, (as who wants to handle potentially “dirty money” in a shop), and with “contactless” credit card transaction levels now increased to £45, and now even tiny transactions accepted, such as a daily newspaper, or bottle of milk, get paid by card.
Did you know that there are over 5,000 crypto currencies in use already and of them Bitcoin features highly in that list? Bitcoin, in particular, has had a very volatile trading history since it was first created in 2009. This digital cryptocurrency has seen a lot of action in its fairly short life. Bitcoins initially traded for next to nothing. The first real price increase occurred in July 2010 when the valuation of a Bitcoin went from around $0.0008 to in the region of $10,000 or more, for a single coin. This currency has seen some major rallies and crashes since then. However, with the introduction of what are called “Stable” coins – those backed by the US Dollar, or even Gold, this crypto currency volatility can now be brought under control.
But before we explore this new form of Crypto-based E-Commerce, as a method of controlling and using our assets, including our “FIAT” currencies, let’s first look at how the Banks themselves have changed over the last 50 years or so.
Who remembers the good old Cheque Book? Before Bank Debit Cards came along, in 1987, cheques were the main way of transferring assets with others, in commercial transactions. Then with Bank Debit Cards, along with ATM’s, getting hold of one’s FIAT assets became a lot quicker, and for on-line commercial transactions.
The problem that has always been present with Banks, is most of us needed at least 2 personal bank accounts (a Current account, and a Savings account), and one for each business we owned. Also, trying to move money from your bank account “swiftly” to say a destination overseas, was anything like SWIFT!
The other issue was the cost. Not only did we have to pay a regular service charge on each Bank Account, we also had a hefty fee to pay on every transaction, and, of course, in very rare occasions we would not get any worthwhile interest, on money in our Current Account.
On top of all that, Overnight Trading, every night, using expert financial traders (or, latterly Artificial Intelligence (AI) Trading systems), all of OUR assets would be traded, and with the economies of scale, the Banks became a Major Earner on our assets – but not us! Have a look at the potential business to be made from “OVERNIGHT Trading”.
So, to summarise, not only do the Banks charge a hefty fee for storing, and moving our assets, by the use of clever Trading techniques, they also make hefty profits from trading our money on the Overnight circuit, for which we see no benefit.
The other point is – do you trust your Bank with all your assets?
How about what Bank of Scotland, who were THE Scotland National Bank, now owed by Lloyds Banking Group, have been recently labled, in a September press release that stated “Lloyds Bank Asset Frauds – The Most Serious Financial Scandal of Modern Times.”
Why not Google that web site, and then make your own mind up?
So, now let us take a look at how a Crypto-based E-Commerce system should operate, and how the advantages that the Banks enjoyed with OUR money, can become major profit centre for the Asset Holders – US!
On 10th October 2020, a major new Crypto-based E-Commerce company is being launched – FREEBAY.
Briefly, FreeBay, based in Switzerland, is a company incorporating its own Blockchain technology, with its own SAFE Crypto Coin ( Based on V999 technology ), and enables its members to transfer their FIAT assets into Gold Bullion, removing the need to involve any BANK.
V999: digital gold empowered by the blockchain; a digital token, backed by physical gold V999 Gold (V999) is a digital asset. Each token is backed by one tenth of a fine gram gold bar, stored in vaults. If you own V999, you own the underlying physical gold, held in custody. On top of that, FreeBay members can purchase packages that include powerful Automatic Intelligence-Based Trading Robots.
So now, you can not only achieve total independence from a standard BANK, but you can also trade, like the Banks, your digital Gold assets, in the form of V999 Crypto tokens, on the OVERNIGHT systems, only now you, the asset holder, get the rewards, not the Banks.
But there is even another great advantage in trading V999 Tokens. As you would be the Generic owner of the token, so, like the Banks, every time a V999 token is traded (i.e. sold), say, to purchase Bitcoin, or any other Crypto currency, a Transaction Fee is charged. Every time a transaction takes place, the generic owner of the V999 token gets a small percentage of that Fee.
Note, that once a Trade takes place, and a V999 Token is sold, in exchange for say Bitcoin, or any other Crypto coin, a small %age of that Transaction Fee is paid to the GENERIC OWNER of that token (i.e. YOU). Because Freebay’s objective is to make the V999 Token one of the most sought-after safe Crypto coins, even after your Token has been sold to another Trader, as you are still the Generic owner of the V999 Token, whenever that Token is traded by any other Trader, it is you – the Generic Owner of that Token that gets paid the Trading Commission.
This could not only create a great Passive Income for you, for life, but is Willable to your descendants – and not a conventional bank involved anywhere.
So, the more V999 Tokens you buy, and get into circulation, the bigger and better with your Residual Income – for not just your lifetime, but probably for your dependants – could become a reality.
Interested enough to find out more? Then click here.
OK, if you are looking to participate in the new Crypto E-Commerce environment, using powerful Blockchain security, moving your assets from FIAT currencies, into digital gold, with the all-new V999 Gold-backed Token Crypto Coin, just to protect, and grow your assets, then you are already on a winner. Add to that, the fact that you are cutting out the middleman (the Banks) – and their fees, as well as trading your own assets overnight, using Robots, so that profit is all yours. Then, as you trade your V999 tokens, you get a small part of every trading transaction fee. But on top of that, when your Buyer then trades your Generically owned V999 tokens, you get paid a commission on that as well. All this generating on-going residual income. But then, what if you spread the word to others, and they join your team, you win again – and again… (Click here for a no-obligation link to my team).
Crypto Currency Vs Fiat Currency
Crypto currency vs. Fiat currency
Are you aware of the fiat currencies and the crypto currencies? They both are currencies in one form or the other and are open for public use across the world. But they are both different and distinct in their own ways. There is always one group that favors the use of cryptos, while the other has a soft corner for the fiat currencies.
In cashless society- crypto money play a huge role
If you have a look at the market of the 1970s and 1980s, you will find that the cash played the dominant role. But, with the change in the technology, electronic transactions have become the usual norm. Today, more and more people are influenced in becoming the cashless society. With the progress towards the cashless society, cryptocurrencies have a big role to play.
Crypto currency and fiat currency are always at loggerheads
Cryptocurrency and fiat currency are popular types of digital currency, especially when it is about an online transaction. They both are currencies currently in use in the market but have some differences in them. There is a hell lot of hypes that you will hear on a daily basis comparing the crypto money and the fiat money. This article will highlight the difference between the two in a more comprehensive and clear manner.
Differentiating in what the currencies stand for
Before going for the difference between the two, you must understand what do they stand for and how are they are defined.
The fiat currency is a legal tender that has the support of the central government, and it operates in the physical form. For instance, US dollars, British Pounds, Euro etc. On the other hand, the crypto currency is a non-legal tender, and doesn’t have any backup from the central government or bank.
Hence, the difference between crypto currency and fiat currency is noted as follows:
• Crypto-currencies are decentralized and global in nature. There are no one entity or government that controls the currency with their laws and regulations. The Fiat currency is centralized, under the control of the laws and regulations of the banks and government.
• Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence.
• There is a limited supply of crypto-currencies with a maximum set of them getting supplied in the market. Whereas, the fiat money has an unlimited supply as the government and bank are entitled to produce coins and paper money whenever the situation is required.
• The Bitcoin and other crypto type currencies are created by the computers, while the fiat currencies are issued by the local government and the banks.
• Cryptocurrencies are presented as the public and private code pieces. On the other hand, the fiat currencies are presented in the form of coins and paper money.
• The value of the crypto currencies is not recognized by the supply and demand of the market. Whereas, the fiat currency value is determined by the market regulations of supply and demand.
The different types of crypto and fiat currencies
In the last one decade, the popularity of crypto type currencies has emerged as a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of crypto currencies have emerged. Starting from Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there is a plethora of them. On the other hand, the fiat currency has a rich and ancient roots, with the Great British Pound, that dates back to 775 AD. It is considered as the oldest currency in the world that is still in use.
The differences in the anonymity between the two currencies
When you are using the fiat currencies, you need to undergo a user identification or verification process. You are asked to upload a recent picture of yourself and some of the required documents to be issued as per the public authorities. You don’t need to undergo any of the required processes with the crypto currencies. Though your personal information and confidential details don’t get public, but all your transactions are recorded and tracked in both the fiat and the crypto currencies.
Fiat currency vs crypto currency: transparency level
• The transparency level with the crypto type currencies are considered to be more. This is because the revenue streams are displayed in a public chain. Everyone can witness their own and others’ transactions.
• The fiat or govt. currencies are not transparent, as there are not public chains to see the revenue streams of the people.
A comparative historical roots
If you compare the crypto money with that of its counterpart, fiat or government currency, you will find that their existence and creation brings the difference. The Fiat or government currency, dates back its existence as early as 775 AD with the introduction of the Great British Pound. This is why fiat type currency is easily accepted by the people all over.
On the other hand, the crypto coin was perhaps first introduced only a decade ago, with the introduction of Bitcoin in 2009. The challenge that the Bitcoin and other crypto currencies face is catching up with the immense popularity and increasing fan base of the fiat currency. Crypto currency, is no doubt gaining importance and popularity in the economic market, but it has still not been accepted widely in the society as the fiat currency.
A comparative history of the two currencies:
• It was in the 11th century, when the Chinese Song dynasty was perhaps the first one to issue the paper money. It was not allowed to exchange with valuables like gold and silver or silk.
• There were Tally sticks that were introduced as a fiat or government currency. 1100 Tally sticks were introduced as a combat for the shortages in gold.
• 1971, was the year, when the fiat currency received a worldwide recognition. President Nixon introduced it in order to eliminate the dollar pegging system to gold.
• It was in 1998, when the idea of an anonymous electronic cash system emerged by Wei Dai. Bitgold-the very first crypto currency was created by Nick Szabo, but it didn’t receive as much attention as Bitcoin.
• In 2009, Bitcoin was introduced in the market, that became the first crypto currency that was accepted across the globe. In 2011 and after, a series of several other crypto currencies were introduced. Some of the popular ones include, Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.
The traits of both the currencies
The potential of the crypto type currencies and fiat currencies, accessing their traits is important. You will find that in some of the criteria, Bitcoin and other crypto currency is superior than the fiat or government currency, and in some cases, the latter surpasses. It is absolutely your call to choose the type of currency (crypto type currency or fiat type currency) based on your personal needs and requirements.
Let us compare their traits with respect to certain factors.
• Both the crypto coins and fiat type currencies are interchangeable in nature.
• As per the portability is concerned both the currencies secure more or less the same position.
• With respect to the non consumable criteria, crypto currency and fiat type currency have the equal status.
• Crypto type currencies have high durability as compared to the fiat-currencies that have moderate level of durability.
• Both the crypto or virtual currencies and the fiat or government currencies ensure secure and safeguarded transactions and exchange.
• Crypto or digital currencies are highly divisible in nature. On the other hand, the fiat type currencies are moderately divisible.
• In terms of the transaction process, the crypto currencies are easy and hassle free. Whereas, on the other hand, the traction process associated with the fiat currencies are easy, but not like the cryptos.
• The crypto based currencies are decentralized and global in nature, unlike the fiat currencies that are centralized and functions under the laws and regulations of the government.
• The crypto based currencies have high scarcity, where as, the fiat currencies are unlimited as the government can issue coins and paper money whenever there is a need.
• The crypto based currencies are based on mathematical algorithms, and are programmable. The fiat currencies are not at all programmable.
• The fiat currencies are sovereign in nature, while the crypto currencies are not.
The process of the functioning of the currencies
You can find the significant differences between the crypto or digital currencies and the fiat currencies with the way they both operate and the transaction process that take place. They are contrasting in nature. The transfer of money using the Bitcoin is very quick, and you absolutely don’t need any third party association.
On the other hand, if you are involved with the money exchange using Fiat type currency, a mobile wallet is in use. You can exchange an amount of e-money that gets transferred into the equal e-value amount. Both the fiat and the crypto currencies enable you to purchase everything that you desire. But the processes involved are absolutely distinct from each other.
Depending on the things you purchase, you will find that one currency form is better than the other. This is absolutely your choice.
Is Bitcoin, a crypto currency better than the fiat-currency?
The long term benefits and the capability of the Bitcoins is still not established. But it has been predicted by the crypto currency gurus and experts, that they will go a long way, especially revolutionizing the way the online transactions are done. In the current market, the Bitcoin is mainly included in the online casinos and the gambling, but it is not limited to it.
Furthermore, when you compare the fiat currencies, the Bitcoin allows you to seize the power and authority from the banks and the government since it is not controlled. The cryptography based currency has the capability to create or come up with the free market capitals. Fiat currencies are affected by the inflation and the changes in the market, unlike the crypto based currencies. Such aspects make individuals believe that cryptograph based currencies will soon take over the mainstream currencies and bring a transformation in the way the money is used.
Why is Bitcoins considered to be a better aspect than the fiat type currencies?
• Bitcoin gives you the opportunity to re-create a free market capitalism.
• The power of controlling the money is absolutely with the individuals, and not with the banks like the fiat type currencies.
• When there is an inflation, the Bitcoin is not affected. But the Fiat type currency will be easier to lose and get affected by it.
• The Bitcoin currency is easy easier to exchange and transfer as compared to the fiat or government currencies.
• The transaction fees involved with the Bitcoin are way cheaper and easily affordable.
Crypto currencies seem to be a favorable option among the people
The fiat type currencies are the centralized and legal way of exchanging money. But, the crypto currencies have acquired immense popularity in the past few years. There will never be anyone who would act as a middle man, like the case with the banks. Moreover, the cryptos are way cheaper and less expensive that the conventional fiat currencies.
Send money anywhere directly without waiting for the bank’s approval
You can send money to anyone in the world directly, and it is super fast. The money gets cleared within a few minutes time. You don’t have to wait for the traditional clearing and verification processes of the banking systems, which might take up to several days to get a clearance. Since it is decentralized and doesn’t come under the law and regulations of the government, nobody has any power to do anything with your account.
The blockchain technology has a very big role to play
Thanks to the crypto currencies, that gives us the power and the authority to become our very own bank, and take control over our finances. It is because of the blockchain technology that offers a higher level of sophistication while dealing with the finances. In fact, there are some mainstream financial industries that have started incorporating the idea of the technology.
What Might Be Next In The Economy?
Since, we don’t have a crystal ball, it is impossible to predict, accurately, the future! This is especially true, when, it comes to economic issues, including investment, real estate, interest rates, inflationary pressures, government actions, international factors, etc. What are the ramifications of inflation, recession, interest rates, Federal Reserve Bank decisions, etc? How can one, hedge – his – bet, in order to minimize unnecessary risks, while receiving a quality return, also? There is no simple answer, because so many factors, have significant influences. With, that in mind, this article will attempt to briefly, consider, examine and review potential factors, in order to help readers, have a more – complete understanding of the possibilities.
1) Interest rates: We have experienced a prolonged period of historically – low – interest rates. This has created easy money, because the cost of borrowing is so low. Both individuals and corporations have benefited, at least, in the immediate- term, permitting home buyers to purchase more house, because their monthly charges, are low, due to low mortgage rates. Corporate and government bonds, and banks, have paid low returns. It has stemmed, inflation, and created a rise in home prices, we haven’t witnessed, in recent memory. The Federal Reserve Bank has signaled they will be ending this propping – up, and will also raise rates, probably three times, in 2022. What do you think that will cause.
2) Auto loans, consumer loans, borrowing: The auto industry has been, significantly, impacted by supply chain challenges. When rates rise, auto loans and leases, will be more costly.
3) THis pattern began after the Tax Reform legislation, passed at the end of 2017, which created the initial, new, trillion dollars deficits
4) Government spending, caused by the financial suffering and challenges, because of shut downs, etc, because of the pandemic, created trillions more in debt. Unfortunately, debt must be eventually addressed.
5) Perception and attitude: The past couple of years,apparently, created a public perception, plus many fears, with a crippling economic impact.
Either, we begin to plan, effectively, and with common sense and an open – mind, many will be at – risk. Wake up, America, and demand better leadership, service and representation.
Some Dangers From Pandemic Fatigue
Open your Bible to 1 Thessalonians 4:1 it says… Finally, then, brothers, we ask and urge you in the Lord Jesus, that as you received from us how you ought to walk and to please God, just as you are doing, that you do so more and more. Go ahead and highlight that scripture.
Will you trust God to teach you in the way you should go? You need wisdom to live for His righteousness, His love and devotion to Christ Jesus. You see, you have to develop the habit of listening to God. He may give you direction you have never had before. Like what? God wants you under the influence of His Word. God wants you to live by godly principles in His Word.
God wants you to give Jesus first place! This is vital for your Christian walk! Jesus is your connection to the throne of God. You see, in this world, it is very easy to become distracted from God. Many people follow some other path apart from God’s will. But the foundation of all spiritual truth is obedience to God through the power of the Holy Spirit.
The Bible tells you to praise the Lord! He is truly worthy of worship. Love no one not even yourself – more than you love God. Every morning you should be asking God to fill you with His presence. You want to be filled by the Spirit so that you’re led by Him. You love the Word, study the Word and learn the Word. Why? To live your life to please God. His Word is true wisdom for you to walk in His instructions.
If you want to live your life to please God give His Word a place of first priority! Scriptures will come alive on the inside of you. You’re knowing God for yourself and the importance of being led by the Spirit of God. Many people won’t like the new you, but you’re not living to please people, you’re living to please God.
You don’t need people approval when you have God’s approval! You want the praise of God more than the praise of people. Quit worrying about what everyone thinks and do what God has put in your heart.
God will put a new testimony in your mouth! You may think there is a lot wrong with you, but there is also a lot right with you. God is continually shaping and molding into the person He wants you to be. Stop focusing on what you can’t do, and start focusing on what God can do.
Serve God and worship Him and continue to seek His will. How? You have to establish a passionate relationship with God’s Word. Believe His Word, trust His Word, study His Word, thank Him for His Word. But always remember the devil will do everything he possibly can to lure you away from God. The devil does not want you to grow in the knowledge of King Jesus.
Many people never seriously read the Bible! But you need to be a student of God’s Word and doer of God’s ways. Be a Christian that reads scripture and prays. The Holy Spirit won’t adjust to you, you must adjust to Him! Use your voice to worship Him and lift up the name of Jesus! Now, raise your hands and say, “I live to please God, more and more!”