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Is a person responsible for the remaining balance of a reaffirmed car loan when it is voluntarily returned to the dealer after a bankruptcy?
Wiki User
∙ 8y ago
Yes.
When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate.
Also, the debt in this case is post-peition.. as in it came about after the date of filing.
Wiki User
∙ 8y ago
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You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
If you voluntarily return a vehicle to the finance company are you responsible for the balance after the sale of the vehicle?
Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.
Any assets remaining after bankruptcy is declared go to the?
creditors
In chapter 7 bankruptcy after surrendering your car are you still responsible for the remaining balance after the bank sells the car?
No. The balance is an unsecured debt and is discharged. Sometimes people do not do the paperwork correctly, which can cause problems.
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
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What web site do I go to for a car that was in bankruptcy and there is a remaining balance?
Thougth this website www.ehow.com/about_4579159_car-repossession.html You can get all the information about the bankrupty of the car and also remaining balance.
If you can't pay for your vehicle can you voluntarily turn in your vehicle?
Im pretty sure even if you did voluntarily hand it back you'd still have to pay the remaining balance. They won't just tanke back a car and call it good.
Can the bankruptcy garnish a home owners insurance check?
Yeah, they can garnish any remaining funds involving the home.
What happened to vitalert vitamins?
The company filed for bankruptcy and is no longer in business. All remaining stock has been liquidated.
If you voluntarily relinquished your car due to your unemployment status can you be subpoenaed to pay the remaining balance after they sell the car at auction?
They are not lying to you. A repo is a repo is a repo.
