If Bankrupt Car how?

[SporeHongkong]

hi all, my friend is hovering ard the idea of getting himself declared as a bankrupt as he cant afford repayments over his loans..could i jus enquire if his car can be trf to his dad wout his dad incurring his loan as it's still under the term loan as he jus bought it 6mths ago..he dont wan to lose it as he spend quite some money on refurnishing it though..any advices? thks on behalf of my friend..

[Wt_know]

liquidate all assets & liabilities. period !

the bottom line is to offload as much debts as possible.

unless your friend want to find a loophole don't want to pay $$$ by declaring bankrupt, and transfer assets to another person.

many people think that declaring bankrupt is the easiest way to get out from debt, but it is not.

reduce debts and work out a repaying plan is the way to get a new life.

Edited March 15, 2010 by Wt_know

[Zanter]

1st of all, it cost money to declare bankrupcy like 5-10k in legal & OA fees. So creditor's will fork out the money to do so. It's not somehting to take lightly. In fact bankrupcy is a financial prison & will linger very long after u get discharged from bankrupcy. Getting future loans will be problematic. Best to get a credit bureau to reorganise your debt by arranging a regular debt repayment plan and negotiate a better interest rate.

 

Once create the shiz , no use to run away, face the problem by cutting spending to the bone, earn enough money to pay off everything and dont get into credit shiz again. Otherwise whole life is one big shizs

 

For help look at Credit Help. Goodluck!

Edited March 15, 2010 by Zanter

[1l0v3you]

transfer here transfer there no use one la.

they can trace back all your assets up to 6 or 9 months (forget how long).

 

dont today transfer, next day go and declare bankrupt la LOL.

 

 

 

[1l0v3you]

and your friend next time no need to apply loan anymore..

only special cases maybe can. but chances still slim.

 

 

declaring bankrupt is not a decision he should be playing around with~~

[SporeHongkong]

i agree with u and already told him of the consq of being a bankrupt..but frankly speaking he showed me the demands by the banks to ask him pay min 1k each mth..few banks add up he need pay at least 4k a mth..how to? but any other way to pass the ownership of the car to his dad? if he being declared bankrupt, he need send the car back to where?or jus wait for people come collect?

[Jun86]

6months in the the loan already wants to declare bankrupt???

 

Your friend is an idiot.

 

I hope your friend get his s--t sort out though. Good luck. He's lucky to have a friend like you.

 

 

 

 

 

 

[Jl255]

repossessed.

[SporeHongkong]

1st of all, it cost money to declare bankrupcy like 5-10k in legal & OA fees. So creditor's will fork out the money to do so. It's not somehting to take lightly. In fact bankrupcy is a financial prison & will linger very long after u get discharged from bankrupcy. Getting future loans will be problematic. Best to get a credit bureau to reorganise your debt by arranging a regular debt repayment plan and negotiate a better interest rate.

 

Once create the shiz , no use to run away, face the problem by cutting spending to the bone, earn enough money to pay off everything and dont get into credit shiz again. Otherwise whole life is one big shizs

 

hmmm..he told me he need pay abt 2k ask his friend who's dealing with all this shiz to submit paperwork n help him process w the bankuptcy..its not him not willing to pay up but its kind of the banks asking for heaven n earth..then stupidd credit consel he went to seek assistance from told him to work out his own finances as its not a big sum..thats the most shiz i heard lor..50k not a big sum..wah lau can get us a new car liao..

[SporeHongkong]

6months in the the loan already wants to declare bankrupt???

 

Your friend is an idiot.

 

I hope your friend get his s--t sort out though. Good luck. He's lucky to have a friend like you.

 

hai..not as if he want to la bro..cause some banks ask him to pay up in full the outstanding lor..a friend to us is never an idiot else why do we still have them as friends, that will make us all idiots liao..jus trying to seek advice for him bro..thats all i can do at tis moment for him..

[1l0v3you]

i agree with u and already told him of the consq of being a bankrupt..but frankly speaking he showed me the demands by the banks to ask him pay min 1k each mth..few banks add up he need pay at least 4k a mth..how to? but any other way to pass the ownership of the car to his dad? if he being declared bankrupt, he need send the car back to where?or jus wait for people come collect?

seems like he is in big big debt..

jialat.

 

i think he can try transferring to the dad but he'll be wasting money on the transfer fees..

the banks not kuku one.

 

 

not sure where to send the car if declare bankrupt tho.

 

 

[Jun86]

hai..not as if he want to la bro..cause some banks ask him to pay up in full the outstanding lor..a friend to us is never an idiot else why do we still have them as friends, that will make us all idiots liao..jus trying to seek advice for him bro..thats all i can do at tis moment for him..

 

U mean ur friend takes loans from various banks to pay his car loan?

Edited March 15, 2010 by Jun86

[SporeHongkong]

U mean ur friend takes loans from various banks to pay his car loan?

 

no la bro..his car still under loan..its his agreement with bank kana terminated cause he defaulted on 2 payments lor so now send him demand letter seek full payment..then another bank also do the same so now he LL liao..thats y he dont wan lugi on the car thing cause he pay downpayment abt 5k..so ask if can trf the car to his dad..but loan wise how?

[Zanter]

Seems to me that your "friend" is more worried that his bao bei car will kena repo than kena bankrupcy . He may think its an escape route cos he is not aware of the implication. Transfering assets is usless. He will get called up by the OA to declare everything..if lie go to jail, He wanna do that? So from 1 shiz, dont go make it a bigger shiz.

 

Admit, beg, borrow then work 2 jobs to pay up. It no choice. Only the VERY rich can afford not to worry about Bankruptcy cos the Banks more worried than them . Look at my previous posting to help on credit issues.

[The_Bear]

hi all, my friend is hovering ard the idea of getting himself declared as a bankrupt as he cant afford repayments over his loans..could i jus enquire if his car can be trf to his dad wout his dad incurring his loan as it's still under the term loan as he jus bought it 6mths ago..he dont wan to lose it as he spend quite some money on refurnishing it though..any advices? thks on behalf of my friend..

 

Is your friend's name Daniel or Jerk? If so, then no one can help them.

 

The car cannot be transferred before the loan settled. So it cannot be transferred to his dad. If he has $$ to settle the loan, then no problem in the first place.

 

If he defaults and declare bankrupt, the car will be repossed and he will end up still losing the car.

 

If your friend cannot afford the car, best is to sell it and cut lost. Negotiate with the credit firm on the final settlement (Difficult). Borrow from friends and family (easier).

[The_Bear]

no la bro..his car still under loan..its his agreement with bank kana terminated cause he defaulted on 2 payments lor so now send him demand letter seek full payment..then another bank also do the same so now he LL liao..thats y he dont wan lugi on the car thing cause he pay downpayment abt 5k..so ask if can trf the car to his dad..but loan wise how?

This is confusing...why 2 banks call up when default on car loan????

[Introz]

losing money/no money still dream of having car? = get a life.. face the reality

 

my friend been bankrupt before

good that all legal cannot chase u for a moment

bad it will hunt u in long term

 

-cause u will be paying them slowly and enduring with high interest when calculate back = -

-like most people say any loans from bank or govt will be difficult.. must wait like 4-6years after the bankrupt is null ( not when u declare bankrupt )

-cannot go out country..

-own possesion will be confiscated = auction

-family members might be affected also = hard life

 

if you say transfer to his father... why dont his father/family members pay for him first.. ( best solution )

the choice is yours

[Alim]

Your friend is so naive...let's be clear

 

Your friend - Hirer of the Car

Bank - Owner the Car

 

Want to transfer? Can but you must full settle with the bank, bank give release letter, then you can transfer at LTA.

 

Can't pay? Bank will repossess the car, auction off minus your fully settlement figure. Just 6 months into loan, he has got a lot to top up.

 

Bankruptcy? Looking for an easy way out and keep the car? Wait long, long...you think the banks are stupid or what.

Edited March 15, 2010 by Alim