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  • Debt and Bankruptcy
  • Bankruptcy Law

Can bankruptcy stop collections and help you keep your vehicle?

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βˆ™ 2011-09-12 15:14:14

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You heard 1/2 the truth. IF what you heard was completely true, EVERYONE would do the B/K deal and get FREE cars. One time at least. No candy for you.

2011-09-12 15:14:14
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Related Questions

How does Chapter 13 Bankruptcy help a person?

Chapter 13 bankruptcy can help a person by saving them from legal actions from debt collectors. When a person files bankruptcy, all debt collections and lawsuits are stopped so a person can keep their assets like homes or cars.


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.


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.


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.


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.


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 buy a new car before filing for chapter 7 bankruptcy?

If you buy a used car with cash before filing a chapter 7 bankruptcy, How long do you need in between purchase and filing to keep the vehicle if the vehicle meets exemption in a state?


What are the exemptions for Chapter 7 bankruptcy?

The exemptions for Chapter 7 bankruptcy are that exemptions help to determine which property one gets to keep. There are some exemption schemes one can use to stay out of bankruptcy.


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.


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.


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.


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.


If your vehicle was listed in your Chapter 7 bankruptcy almost a year ago and the bankruptcy has been discharged and you are current on your payments can you still turn it in?

Yes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it or take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.


What do you keep in a bankruptcy?

It is a myth that you will lose everything if you file for bankruptcy. While the bank is allowed-under Chapter 7-to liquidate assets, there are number of exemptions including tools of the trad exemptions, primary vehicle, and others.


Can I keep my house and car out of a bankruptcy?

You are normally allowed to keep the house you are living in and one car in a bankruptcy.


If you're filing bankruptcy and you want to keep your car for which you have a loan would you have to pay the trade-in value or retail value of the car?

A vehicle is secured property therefore the debtor has only two choices when declaring bankruptcy. If the vehicle exemption protects it, then the debtor may reaffirm the loan if the lender is willing and keep the vehicle. If the exemption does not protect the vehicle, it will be taken by the trustee sold, the debtor will receive the exemption amount but will have to pay the lender the sale deficit plus any existing fees. When new bankruptcy laws are activated in Oct, 2005, the debtor will have to pay the entire loan amount regardless of whether the vehicle is kept or forfeited.


What happens to your semi truck that is finacnced im a sole proprioter truck driver can you keep the truck to keep working when i file for bankruptcy?

You really need to speak with a lawyer about this. It's all dependent on the bankruptcy laws in your state, what chapter you're filing for, etc. If the vehicle has an order for repossession on it prior to when you filed for bankruptcy, you may not be able to prevent it.


What is meant by Chapter 14 bankruptcy?

Chapter 14 bankruptcy is quite new in the bankruptcy world, it provides companies the option to help themselves rather than being bailed out. This type of help could not only get the business back on it's feet but also keep employees working.


How do you keep your house in a bankruptcy?

I have a reverse mortgage on my home, can it be taken from me in a bankruptcy?


Can you keep a car if you file for chapter 7 bankruptcy in Florida?

Can I keep my paid off autos if I fie bankruptcy?


Can you file Chapter 7 bankruptcy and still keep your house?

yes, just keep your house exempt from the bankruptcy


Can you file bankruptcy on everything but your vehicles?

You can file bankruptcy yourself or with an attorney. People choose an attorney because they do not want to mess with all the motions or learning any law and this can cost anywhere from 300 to 500 dollars to start a bankruptcy action. You can keep one vehicle and your house in a bankruptcy. Technically, when you file bankruptcy you file it for everything in a Chapter 7 and that will wipe away all debts (if you pass the test that they give to even claim bankruptcy) or Chapter 13 which is a consolidation of your debts to pay it off after partial liquidation of assets but be protected under federal bankruptcy law. It is best for your loan companies for your house and vehicles know about your bankruptcy as this will stay any repossession or foreclosure on your household or vehicles. That means they can not repossess or foreclose on your property until the bankruptcy procedure begins and you remain current on your payments throughout your bankruptcy. This can help you catch up and keep your house and one vehicle. You can technically claim bankruptcy and not tell your lenders for your house or vehicles but they will not "stay" or stop repossession or foreclosure on your property until you notify them (calling one of their call centers) and giving them your bankruptcy info including your case number. Hope this has been helpful.


Can you keep your home after file bankruptcy?

Depends on file bankruptcy for, and the bank and what they want to do.