Auto Loans and Financing

Are there any legal issues if your bankruptcy that included your leased auto has been discharged and you fell behind on on auto payments?


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Wiki User
2015-07-14 16:09:43
2015-07-14 16:09:43

You need to ask this of your B/K attorney for state specific advice.


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If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.

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The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.

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No. Section 523(a)(5) of the Bankruptcy Code prohibits debtors from receiving a discharge of spousal and child support obligations. If yuou are behind on payments, you can spread out the payments over time in a Chapter 13 bankruptcy. No, you cannot even touch child support, afraid you have to pay, pay, pay and pay.

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You should file a bankruptcy letter of intent as soon as possible so that your creditors will be on notice. This will stop the harassing calls and foreclosure proceedings if you are behind in your mortgage payments.

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I am a Loan officer in California-the laws are different in every state & every lender...Typically speaking though, it depends on how long ago you BK was discharged. It also depends on how far behind are you on the house payments. Some lenders will refinance one day after the BK being discharged, while other lenders are 7 years! As far as late payments...they will affect your intrest rate. If you have one 30 day late, or one 60 day late but are now current in your should be able to refi assuming you have equity in the property. I would be more than willing to look at you situation for you if you like. email me at kinjalvs at yahoo .com Sara

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