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Can a lender insist the borrower sign a new note for the balance owed after sale of a repossessed car when a Chapter 7 bankruptcy has been discharged?
Wiki User
∙ 8y ago
There are attorneys who favor this line of thinking. It will ONLY to the LENDERS advantage for you to do so. Meaning ??? It CANT cost you any more NOT to sign it. The debt is only for X number of dollars. If they want you to sign, it means MONEY to them if you do.
IF you do sign, it WILL be legal.
Wiki User
∙ 8y ago
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What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?
You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
Can your vehicle be repossessed after you file Chapter 7 bankruptcy?
No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.
What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?
A person immediately contact their lawyer to assist on issue.
If you filed chapter 13 bankruptcy and it was discharged can you file chapter 7 bankruptcy now?
Yes.
Is a car loan discharged under chapter 7 bankruptcy?
Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".
If you filed a chapter 7 bankruptcy in mi and it is discharged how long do you have if you need to file an amendment?
If you filed a Chapter 7 bankruptcy in MI and it is discharged, you can amend whatever document you want at any time. It does not matter whether it is during the process of bankruptcy or after the discharge.
Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
Can you file chapter 13 on child support?
No. Child support is not discharged in bankruptcy.
Is a debt discharged if it was not listed on the schedule F on a no asset chapter 7 bankruptcy?
No
When can you file a chapter 7 bankruptcy if you had a chapter 7 discharged in December 2001?
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
How should an obligation that is discharged in a Chapter 7 Bankruptcy be reflected in a subsequent credit report?
The debt should be identified as being in bankruptcy or discharged in bankruptcy. It will remain on the list for 7 years. The bankruptcy will remain on the report for 10 years.
How soon after a chapter 7 bankruptcy can you buy a car?
The day you are discharged you can buy a car. You need to take proof that you are discharged.
