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If you are behind payments on the car, yes - the company with the loan can repo the car.
The same law applies if you had or had not filed bankruptcy. The only thing a bankruptcy can do is 1) protect assets DURING the bankruptcy (Automatic Stay) and 2) allow you to reconfigure the terms of secured loans. (like your car)
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Wiki User
∙ 16y ago
Wiki User
∙ 16y agoIn Bankruptcy, anything of value that will net money to pay off a debt will be sold, usually at auction. The amounts owed are still owed no matter how one slices it.
Anyone should avoid going bankrupt ... if it means taking on another 2 or 3 jobs to stay afloat, then do it ... there are always other avenues besides bankruptcy.
Wiki User
∙ 15y agoPresuming it is a "reasonable" car, and not very highly valued, and if there is a loan on it, you can get current and afford it, and it is needed for life/work...yes. No, you do not get to keep a car of high value while not paying others, nor do you get to keep your car and not pay for the loan if it has one.
Wiki User
∙ 14y agoMost clients are happy to find that Chapter 7 bankruptcy does not result in them losing their car or home. The answer to your question depends on a variety of factors. First, under the bankruptcy code, each state is given authority to choose exemptions for Chapter 7 debtors. You can view California exemptions by going to http://www.firstsourcelaw.com/chapter7bankruptcy/chapter7bankruptcy_exemptions.html These exemptions list the type and value of personal property you may keep. Depending on the state of your filing, there is likely an exemption for a car. However, the exemption may have a monetary limit. If you car is worth more than the exemption, you may not be able to keep the car. Start by searching for the relevant exemptions in your state and the amount exempted. Cross-reference that information with the value of your automobile as pulled from the Kelley Blue Book website. Once you are armed with that information, you should have a pretty good idea of whether or not you can hold on to your car. Most of my clients find that they keep all their personal property, including their car, despite filing Chapter 7.
Wiki User
∙ 13y agoAs long as you keep making the loan payments the creditor wont care if you declare bankruptcy. If doing a cram-down in a chapter 13, the lender would have to accept the current value of the car.
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What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
How long does a the car dealer have to take car after bankruptcy?
You should deliver the car to the dealership when the bankruptcy is signed. Clean it up and deliver it in good shape. Ask for a receipt.
You are filing for bankruptcy and the car is in your name only for insurance purposes and you use it to take your disabled mother about Can it be taken in bankruptcy?
No!
If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?
Of course, it won't legally be your car however.
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
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.
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy if you caused a car accident?
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Can a co-buyer take the car if she is filing bankruptcy?
When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
If you filed bankruptcy signed a reaffirmation agreement but the court discharged that agreement and you're currently up to date on the car payment will they come and take the car or can you continue?
If you signed a reaffirmation agreement in bankruptcy, but the court discharged that agreement, the lender will come to take the car. This will occur even if you're currently up to date.
When you hit bankruptcy in 'wheel of fortune' why do they take the 'half a car' card away from previous game?
Half a car is not a prize any more than the wild card is a prize. They both are lost if you hit a bankruptcy. If you have either item you do not lose them unless you hit bankruptcy or the time they can be used is past
