Legal Question in Bankruptcy in New York

voluntary payments/bankruptcy

What does it mean when GMAC says I Can make voluntary payments? are they applied to my account?


Asked on 2/05/08, 4:25 pm

1 Answer from Attorneys

Nancy Delain Delain Law Office, PLLC

Re: voluntary payments/bankruptcy

If a creditor allows a debtor to make voluntary payments after the debtor files a bankruptcy petition, that creditor is stating that, as long as payments remain current according to the original loan agreement, the creditor will not repossess the collateral securing the loan.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

Read more
Answered on 2/05/08, 5:00 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New York