0
Bankruptcy filing does not stop a car repossession. The contract you entered into most likely gives the lender the right to reclaim possession of the vehicle if you default on the terms. Depending on the bankruptcy chapter (7 or 13), you may either a) Have to pay the deficit over time, chapter 13 or b) have the deficit forgiven, chapter 7.
The deficit is the difference between what you owe (+ repossession and disposition fees) on the vehicle and what it brought at auction. The lender is required to get maximum value for the car at sale. Genrally, courts have held that wholesale value satisfies this requirement. Therefore, the deficit is likely to be quite large.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy if you caused a car accident?
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
What happen if you file bankruptcy and have not been discharged and buy a car and have it finance?
If you file bankruptcy and you have not been discharged the car that you buy can be used to finance it.
If I want to file bankruptcy but my car is in my aunt's name is there any way she can release it into my name and I file the car in with my bankruptcy?
must be yours for two years
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.
Can you purchase another car before you file bankruptcy on another car?
sure you can, but you will loose new car when u file bankruptcy anyway.also need more than just a car payment to file bankruptcy. laws have changed to prevent people filing bankrupcy just to dodge paying there bills
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Claim bankruptcy of your car for dwi lost?
can file bankrupcy if i lose my car
If you file for bankruptcy will you lose your car?
Need to know type of Bankruptcy 7, 13, 11 ??
If a bank repossesses a car do they have to return it if you file Chapter 7 bankruptcy?
No.
Can you file for bankruptcy after 3 years of car being repossessed?
Sure
Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
