Every day I receive phone calls from taxi owners requesting information about bankruptcy. There are two most common types of bankruptcy are Chapter 7 and Chapter 13.
When Can Chapter 7 Bankruptcy help Taxi Medallion Owners?
Taxi Medallion owners have been wrestling for solutions to refinancing demands of the lender. Chapter 7 bankruptcy requires that you be willing to surrender your medallion. Under the right facts, you will not have to repay the loan and can get your life back.
Bankruptcy Help for Taxi Medallion Owners
As the value of medallions drop, owners are worried about possible bankruptcy, losing their livelihood and their homes. Faced with balloon payments, demands to refinance, and requests for mortgages on their homes, all coming from their lenders, drivers are not sure what to do or where to turn.
