0
After filing chapter 7 you did not reaffirm your car loan what happens now?
Wiki User
∙ 12y ago
2 factors:
1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount.
2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What do you do after filing Chapter 7 FMCC declares that in CA no reaffirmation agreements apply and are not accepted?
Soooo, what is your question? FMCC doesnt want to reaffirm your loan. Dont they have a choice? give them the car.Ask your b/k attorney about it.
If a bank has been advised that you are filing chapter 7 bankruptcy in Ohio but will reaffirm the car loan can they still repossess the vehicle?
Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.
What happens if the second mortgage lender hasn't contacted you on a reaffirmation of a loan after a chapter 7?
Nothing happens, the lien still exists- and the 2nd lender can still foreclose if you stoip making payments. The bigger worry is why you would WANT to reaffirm a mortgage debt!
You filed bankruptcy but opted to pay off your car loan you have documented proof of this the court went and filed it as a bankruptcy and you need the title of the car?
If all you did was sign the "Statement of Intention" saying you intended to reaffirm the debt, and did not in fact reaffirm the debt with a reaffirmation filed with the court, and did not continue making car payments after the date of filing, the secured debt survived the filing and you are not entitled to the title until you pay the loan off. The lender can repossess the vehicle and sell it. It's not a question of what the court did, but what you did or did not do with respect to the loan.
Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
Can you keep your home after filing bankruptcy if you have a second mortgage if you want to reaffirm with your first mortgage?
Whether or not a home is forfeited depends on the state or federal homestead exemption, and if the lender is willing to reaffirm the loan agreement. Second mortgages are considered secured debt and have the same legal standing as first mortgages.
Can you file chapter 7 bankruptcy if you owe on a timeshare?
Yea, you can. You must list it as an asset, minus any liens, including a purchase-money loan. you can surrender it or reaffirm the debt.
Can you sell your car and payoff the loan after filing chapter 7 before the discharge?
You should be able to do so, yes.
Are cars an asset when filing for Chapter 7?
Yes. There may of course be a liability of a loan secured by it you also need to report.
My ex wife is filing bankruptcy and we have a home loan in both your names what happens to the loan?
The loan may not be the real problem, but how you own the property (tenancy by the entirety, joint tenancy, tenants in common). The loan is secured as to the two of you, and if she is trying to surrender her interest to the mortgage company in a chapter 7, she might be able to. I suggest you talk to the or a divorce lawyer about the law in your state.
Can you keep your car?
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
Can you file for bankruptcy and not default on a title loan?
Yes. With the lender's permission, you can reaffirm the loan at the time your bankruptcy is executed.
