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Does a bankruptcy trustee check records on insurance and vehicle titles?
Wiki User
∙ 19y ago
No. All information that is submitted in bankruptcy is presumed given under oath. There are specific documents that must be presented, but the trustee does not verify records unless there are mitigating circumstances. Any fraudulent information or attempt to conceal assets will be treated as a criminal offense. And that is "the truth, the absolute truth and nothing but the truth".
Wiki User
∙ 19y ago
Wiki User
∙ 11y agoIn conducting their investigation, the Trustee will rely on a variety of sources, including, but not limited to: public records, DMV records, transfer of title records, as well as checking and savings account records.If the person knows or has reason to know the schedules are not accurately reflecting interests in assets, they have committed a bankruptcy crime.
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Can you cancel your insurance if your car is in bankruptcy?
Absolutely not! If you are still using the vehicle, it must be insured. However, the insurance payment would not be covered by the bankruptcy.
What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
I'm divorced but filing joint bankruptcy with my ex My parents bought me a car it is in my name and paid for. Is it exempt from the bankruptcy?
Ontario law allows a bankrupt to claim an exemption on a vehicle valued at $5650 or less. If the current value is greater then the vehicle vests in the trustee and the bankrupt or a family member can repurchase the trustee's interest. The exemption threshold differs in each jurisdiction but as the vehicle is unencumbered and in in your name it is your asset regardless of who paid for it.
Clear title on a vehicle that has a bankruptcy against it in California?
Bankruptcy affects debts and creditors, not vehicles. A debtor owning a vehicle exempts it or the equity in it if there is a car loan. The debt is reaffirmed. This is all part of the public bankruptcy record. If the vehicle is not exempted, the trustee takes and sells it as part of the bankrupt "estate." If there is a chapter 13, and the debtor wants to sell the vehicle, s/he will have to get the court's permission. Either the trustee or the debtor would ask the court to sell free and clear of all liens. There are a number of potential problems if you are the buyer or the bankrupt seller, so get a lawyer.
If you are making chapter 13 payments which include a car payment and the vehicle has mechanical failure can you trade it in on another vehicle if the bankruptcy trustee approves?
Yes, if the trustee approves the transaction, (and of course, can find a lender). Necessary financial matters are generally approved by the court, for example if the petitioner needs the vehicle for transportation to their place of employment.
Can a car that is included in a bankruptcy be sold to a junkyard for parts?
Until the case is over, you shouldn't do anything with the car without permission from the court. If you owe money on the vehicle, you have a duty to maintain insurance and make the car payments. If the trustee abandons the car back to you, you can do whatever you want with the vehicle subject to any rights the lender might have.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
Is there anyway to purchase a new home while still in chapter 13 bankruptcy?
When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.
What will happen to your bankruptcy after your car which was the only thing you were paying in your Ch 13 was totaled and paid off by insurance.?
This can be a complicated issue. You should speak with an attorney in your area. If the vehicle was completely paid off by the insurance, then you may still owe fees to the Trustee or previous attorney. The dollar amount you pay for the loan and the dollar amount you pay to complete a chapter 13 are not the same.
How long after filing chapter 7 can you sell your vehicle?
The debtor cannot sell nor transfer any property without the permission of the bankruptcy trustee or until the BK has been discharged and closed.
If you're filing bankruptcy and you want to keep your car for which you have a loan would you have to pay the trade-in value or retail value of the car?
A vehicle is secured property therefore the debtor has only two choices when declaring bankruptcy. If the vehicle exemption protects it, then the debtor may reaffirm the loan if the lender is willing and keep the vehicle. If the exemption does not protect the vehicle, it will be taken by the trustee sold, the debtor will receive the exemption amount but will have to pay the lender the sale deficit plus any existing fees. When new bankruptcy laws are activated in Oct, 2005, the debtor will have to pay the entire loan amount regardless of whether the vehicle is kept or forfeited.
How do you find insurance records from a previous owner of a car?
Insurance Records of previous vehicle owner Insurance Records are protected under State and Federal Privacy laws. There is no legitimate legal reason for a person to want to obtain the "insurance records" of a previous owner. The attempt to do so could constitute an invasion of that persons privacy rights. Any coverage or compensation paid to a previous owner would not extend to the new owner as the new owner was not an insured and did not have a financial interest in the property (vehicle) prior to the purchasing of it. The previous insurers obligations was to the previous insured owner. Those obligations ceased when the policy expired, terminated or when the vehicle was sold to another individual. The previous owners insurance company has no obligation to someone who purchased the vehicle at a later date. If you are interested in the vehicle history, accidents, previous damage or repairs and such, this can be obtained through Car Fax and other similar on-line services.
