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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?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
Is there anything you can do if your chapter 13 was dismissed after confirmation for failure to make payments on time?
No, except wait until the required time limit for refiling has expired and file another bankruptcy petition.
If your vehicle was listed in your Chapter 7 bankruptcy almost a year ago and the bankruptcy has been discharged and you are current on your payments can you still turn it in?
Yes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it or take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
Does having a bankruptcy dismissed restart the statute of limitation?
Having a bankruptcy dismissed does restart the statute of limitation on a bankruptcy. You will have to wait eight years to file another bankruptcy.
If you file bankruptcy in one state and own a home in another state may you keep it?
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
What is another word for Bankruptcy?
Synonyms for Bankrupt:BrokeDestituteDepleted
If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?
Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.
How can you get out of your chapter 13 bankruptcy faster?
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
Can you refinance your house while you are in a chapter 13 bankruptcy?
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. This will require the approval of the bankruptcy trustee. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
How long after a chapter 7 bankruptcy can you file another chapter 7in the state of Tennessee?
Bankruptcy is Federal jurisdiction, therefore, the state has nothing to do with it. Usually, when you file bankruptcy, you cannot file for another 7 years, Period. No matter which state you live in.
What are the mods of transferring mechanical energy from one body to another?
what are the mods of transfering mechanical energy from one body to another?
