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Yes even in a Chapter 7 you are allowed a certain amount of exempt property. If you have multi vehicles, the surplus may be sold. Some states like CA also have 2 sets of exemptions you can file under. Check exemptions in your state. Equity in exempt vehicle cannot exceed a certain amount and still be protected which differs. If you use other Chapters you don't have to worry about liquidation.
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Can you keep your vehicle if you file chapter 13 bankruptcy?
yes
When a vehicle is involved in an accident and declared a total loss does the insurance get to keep it?
Yes. In most states, you can then buy the car back from them at a salvaged price.
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.
Is it legal in California to ask full retail value for a salvaged title vehicle?
You can ask anything you want to for it. Whether you can get it is another matter. California law requires you to tell them it is a salvaged title vehicle. If you do not tell them you have committed fraud and are subject to fines and jail time.Note: a legal salvage title will indicate that the vehicle is salvaged!
How do you rollback your odometer?
That is illegal. Do not doit!Actually you often have to do it when you are replacing an instrument cluster with a salvaged one. Otherwise you'd have the salvaged vehicle's odometer.
How to sell a salvaged vehicle to a junk yard?
The best way is to go online and look whether anyone is interested in buying salvaged vehicles. You can checkout http://junkyard.recycleinme.com/ which is one of the largest online junkyard. You can check in there if anyone is interested in buying salvaged vehicles. You can also post a sell offer for the salvaged vehicle there so anyone interested can contact you.
Can you buy extended warranty on a salvaged vehicle?
Penn warranty company.
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.
Salvaged title finance in california. Is it law in California that a car having a salvaged title can not be financed through a banking or credit union Stuck in a rut?
There is no law against financing Salvaged Titles. It is just that most banks and credit unioins chose not to finance these vehicles. The problem is that there can be liability if the vehicle is for whatever reason unsafe, and you sometimes do not know why a vehicle was salvaged. It could be because of frame damage or other serious damage, or it could be for water damage (i.e., Katrina), or it could be that it was just stripped by a theif, and has been rebuilt and is perfectly good, but since it was totaled by the insurance company, it is "salvaged". Some lenders will lend against a salvaged title. But they will take off 40% of the value of the vehicle due to salvaged title. So if the vehicle is worth $10,000 as a regular title, a salvaged vehicle will be worth about $6,000. I believe SafeCo might be a source for insurance. Car Cash Loans in Los Angeles (www.CarCashAuto.com) will lend against salvaged titles, according to their representatives.
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.
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.
