Liquidating auto loans

For example, if you are sued in court for monetary damages, the amount of damages owed is liquidated debt, but the debt only becomes liquidated once the jury or judge determines the amount of money owed.

Prior to that determination, your legal obligations are unknown, and the debt is considered unliquidated.

A loan is one of the most common types of liquidated debts.The Attorney General's consumer protection division phone number is 877-765-8388 weekdays from a.m.- p.m.Schuette said in a statement that his office is working with the Secretary of State and the court to help consumers burdened with this debt to clear their vehicle titles.The exact method to use depends on the type of bankruptcy that's filed, Chapter 7 or Chapter 13, says Kevin Gallegos, vice president of operations for Freedom Debt Relief, a financial services organization in Tempe, Ariz.Here's a look at the options for car loans under each type of bankruptcy.

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