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.
His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn't decide what to do.
Years ago when he refinanced his loan, he signed all documents requested at the closing. One of the documents was a "Waiver of Right to an Attorney". Another was a "Confession of Judgment". He didn't really understand what it meant.
"I got your name last night at Kennedy Airport while the drivers were talking, waiting for fares. Someone else had been to see you and gave me your number."
To minimize their own risks, banks, credit unions and other lenders are now trying to be gentle with their borrowers at refinance time. They have been offering deals that sound good at first, such as longer terms, lower interests rate, or lower monthly payments.