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Can you keep your vehicle if you file chapter 13 bankruptcy?
yes
Can your vehicle be repossessed after you file Chapter 7 bankruptcy?
No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.
Do you have to get full auto coverage if you file bankruptcy?
If you're auto payment is included in your bankruptcy, then yes, they will require you to keep full coverage as long as there is a secured balance on the vehicle.
Can you file bankruptcy on a loan for a vehicle?
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
If you file personal bankruptcy can you keep your personal vehicles in Pennsylvania?
MAYBE! Most states set limits on the value of a vehicle that you can keep after filing bankruptcy. You can't go out and buy a brand new Porsche or Mercedes Benz and then file bankruptcy and keep the car. You will be limited to something that is worth less than $3000 or so.
Can you keep a vehicle after filing chapter 7 if they have not repossessed it?
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.
Can you keep your car if you file for bankruptcy in Missouri?
You may keep your car in any state where you file bankruptcy, provided you reaffirm with the lender, or you exclude the vehicle debt from the bankruptcy. This of course is also dependent upon remaining current on the loan payments also. You should really discuss this matter with your BK Lawyer.
Will it affect your car loan if you go bankruptcy?
Yes, filing for bankruptcy can affect your car loan. If you include the car loan in your bankruptcy filing, you may have to surrender the vehicle or negotiate a reaffirmation agreement to keep it. Additionally, bankruptcy can negatively impact your credit score, making it harder to obtain future loans. However, not including the car loan in bankruptcy may allow you to retain the vehicle, provided you continue making payments.
If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?
Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
What if you hadn't paid in over eight months on your car can you file bankruptcy and keep my car?
Not likely. You will still be required to surrender the vehicle.
Do you keep your car after you file bankruptcy?
It depends, usually after you file bankruptcy they take all your vehicles but one of them so that way you have one vehicle to get back and forth for emergencies. When you file bankruptcy and have a job, they usually limit the amount of money coming into your household too.
Can you keep a car and car loan presuming you make payments on time and still file chapter 7 you have less than 1K equity in vehicle?
Yes, as long as you do not include it on the bankruptcy, at least in Florida. * The vehicle exemption that is allowed by either federal or state law determines whether or not the vehicle can be excluded from bankruptcy action.
