What would you like to do?
If you filed Chapter 7 bankruptcy last year how it will look on your credit if you surrender your leased car?
NO worse than the B/K and you get to pay any balance owed. What great service from your friendly B/K attorney did you get for the money you payed? good Luck
51 people found this useful
Was this answer useful?
Thanks for the feedback!
If you did not file for a chapter 7 bankruptcy and your son who has the same name as you did file a chapter 7 bankruptcy how did the bankruptcy enter on your credit if you are not a co-signer?
Answer Probably because one of the credit reporting agencies screwed up (this is a lot more common than you would think). You can first ge…t a copy of each of your credit reports for free at annualcreditreport.com (this is a site where you actually get free credit reports by federal law, not one of those scam sites that give you a free copy of your report in return for your giving them a credit card number and they sign you up for some program or something). Once you get your reports (there are three national reports, get one of each at the site I listed above), then review them and see how many of them list the bankruptcy. Then, you can go to the website for each credit reporting agency that lists the bankruptcy and do an online dispute. Once a dispute is initiated, the credit reporting agency is required by law to review the false information and correct it. They may make you produce documents verifying it was not your bankruptcy, so you may want to get a copy of your son's bankruptcy paperwork on which the last 4 digits of his social security number appears, and send a copy of that plus a copy of your social security number to the credit reporting agency to prove it was not your bankruptcy. Of course I cannot give legal advice on here, but these are my suggestions that you can follow or ignore. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Can I keep my paid off autos if I fie bankruptcy?
Bankruptcy will include all your assets and all your debts. You do not pick and chose what you want out of. No one will is expected to accept less, until you have surrender…ed and given up the value of all of what you have. (Minus minor exclusions). The people who have their debt secured get paid by the sale of secured asset, (the house) and if that doesn't generate enough money, than they become an unsecured creditor and collect from the sale of other things. So while some debts may be released, if you have enough assets to pay them, once liqaudated/re-arranged, then they will get paid instead. And certainly, the costs of having all this done will be on you.
Yes, if the creditor first obtains relief from the automatic stay. This is accomplished by filing a motion and proving that you have not made payments on the vehicle.
At least 10 years
No you can not do it, as you have already filed under chapter 7 once before you have to clear up first. ans Under the bankruptcy laws effective on October 17, 2005…, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
The law actually limits it to 1 car of $500 or less...however, virtually all Judges (realizing that old amount gets a car with more troubles than solutions) simply make it a r…easonable car....you know - 3 year old Toyota OK, New Mercedes..not gonna be. If the vehicle is really a work one...like a truck for a mover...it is almost always exempted no matter what. The above is wrong. First, it's not the value of the car, it's the debtor's equity, if the debtor has a $80,000 car with a $90,000 loan, he gets to keep it because it's not an asset, it's a debt. (whether it's a good idea to keep it is another issue). Second, the exemption is different in each state, for example in Ohio you get a auto exemption of $3,225. Work vehicles are NOT almost always exempted - there is a separate "tools of trade" exemption but it's not enough to cover a truck (Ohio $2,025).
Yes. You are allowed to switch from chapter 13 (which is often a very hard plan to meet and maintain) to chapter 7 one time without questions.
In California If Chapter 7 bankruptcy is the last resort Should you file bankruptcy first then return a car that has a big loan on it?
Yes. In that order.
Most 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.
yes, it will remain on your credit reports for 7 years
There is not a specific score that your credit drops to after a bankruptcy. Your credit doesn't only depend on that one thing, but the rest of your credit history as well, and… sometimes it will go up on certain credit reports since now you will compared to other people with bankruptcies on their record, instead of other people without. See the related links for more information.
10 years by federal law.
Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the credi…tor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharged or closed - which occurs approximately 6 months after it is filed - the car can be re-possessed.
Maybe, it depends on whether or not the debt is secured and the secured amount. If you own it free and clear, and is very valuable, it will be seized and sold by the trustee. …If there is a secured creditor, but the claim is small and the car value is great, it can still be seized, with the secured creditor paid off, you receiving the exempt amount, and the remainder to pay off creditors.
Depends. Some dealerships won't even look at you if you have bankruptcy in your credit history. Others might, but it usually comes at the cost of high interest rates.
You can get a car lease immediately after filing for Chapter 7 bankruptcy. Since it would be a post-petition debt, there is no waiting period provided that you qualify income …wise. Some lenders may require you to have a discharge, however, it is not required under the law to lease post-filing.