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Can you include the remaining balance of a repossession on a Chapter 7 bankruptcy?
Wiki User
∙ 18y ago
Most folks do so. Ask your B/K attorney for state/case specific advice. Yes
Wiki User
∙ 18y ago
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What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
Do they garnish your check after a reposession?
They will only if the remaining balance after the repossession and auction goes to litigation and the judge orders the garnishment of wages.
Can you get finance loan on an inherited home with o balance while in chapter 13 bankruptcy?
Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.
Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
In chapter 7 bankruptcy after surrendering your car are you still responsible for the remaining balance after the bank sells the car?
No. The balance is an unsecured debt and is discharged. Sometimes people do not do the paperwork correctly, which can cause problems.
If you file bankruptcy do you have to pay the balance after a repossession?
It depends of which B/K you file and whether you complete it.
Can debt be divided if he's not willing to file bankruptcy?
In most cases no, on a joint debt if one party files bankruptcy and is discharged the other party is liable for the entire remaining balance. This makes filing bankruptcy little protection from foreclosure, repossession, and other actions credits would still be able to attempt on the other party.
You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
What web site do I go to for a car that was in bankruptcy and there is a remaining balance?
Thougth this website www.ehow.com/about_4579159_car-repossession.html You can get all the information about the bankrupty of the car and also remaining balance.
If a car is repossessed and sold at auction for less than the amount owed to the lender will filing bankruptcy discharge the remaining balance if it has been reduced to judgment?
It depends on the chapter. In either case, your remaining debt is now unsecured and a bankruptcy filing places the judgment on hold. If it is Chapter 13, file a claim and you may receive a percentage of the bankruptcy estate, but not usually until near the end of the bankruptcy term (3-5 years). If it's a Chapter 7, again, it's an unsecured debt and highly unlikely that the debtor will sign a reaffirmation to pay you back. If the bankruptcy gets dismissed (thrown out), your judgment is back in force, provided it has not expired.
Do they garnish your check after a reposession?
They will only if the remaining balance after the repossession and auction goes to litigation and the judge orders the garnishment of wages.
How does the remaining balance in a vehicle repossession case get solved?
Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.
Can you get finance loan on an inherited home with o balance while in chapter 13 bankruptcy?
Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.
Do you have to pay the balance owed after self repossession?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
In South Carolina can you go to jail if you are unable to pay the balance remaining for a repossession that was sold at auction?
No, we no longer have slavery or debtor's prisons. It's unconstitutional.
