There are two types of bankruptcy. In Chapter 13, you propose a repayment that allows you to repay your debt over time. If the court approves your Chapter 13 plan and you keep making the car payments, then you can keep the car.
In a Chapter 7 case, your ability to keep your car depends on several factors. Filing for Chapter 7 creates a bankruptcy estate, and state law determines what assets you get to keep when you file bankruptcy. Equity in at least one car can often be protected, but you need to review the laws of your state.
If you own the car outright, the value will determine if it can be protected. In California for example, you can protect about $2800 of the value of your vehicle. If you own a car free and clear that is worth $10,000, the chapter 7 trustee might decide to sell it and give you the $2800. Even if your equity exceeds the value of exemption, the trustee could also decide there is not enough equity in the vehicle to be worth selling.
If you owe money on the vehicle and wish to keep it, you have two choices: (1) reaffirmation or (2) redemption. Reaffirmation is an agreement with the lender to keep making payments, and you agree not to receive a discharge of the debt for the car. Redemption is when you purchase the car outright for what you owe on it, which is difficult to do if you don't have the cash or someone willing to lend it to you.
The bottom line is that you need to consult a local bankruptcy attorney who knows your state's exemption laws.
Usually no, Bankrupts rarely lose their cars because they've gone bankrupt. Of course this is conditional. Talk to your bankruptcy advisors or attorneys.
Can I keep my paid off autos if I fie bankruptcy?
Can you file bankruptcy if you caused a car accident?
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Depends on file bankruptcy for, and the bank and what they want to do.
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.
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.
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
Not likely. You will still be required to surrender the vehicle.
any car you have it has to be added to your bankruptcy but you get to keep it, as long as you don't go out and buy a brand new car then file , that wont work they wont put that on you will have to pay for it
If you file bankruptcy and you have not been discharged the car that you buy can be used to finance it.
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
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.
must be yours for two years
No. You should use your funds to pay your secured debts, such as home mortgage or car loan, if you intend to keep it after filing for bankruptcy
Under the Bankruptcy Reform Act, lawyers are no longer allowed to advise you to incur additional debt before filing a bankruptcy, and this would probably include getting a new car. However, if your car is breaking down and you need a new one and then subsequently file bankruptcy, there is no provision of the law that says you're not allowed to keep it if you keep paying for it and reaffirm the debt. Ask your lawyer for more info - or don't because he or she can't answer!
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.
yes, just keep your house exempt from the bankruptcy
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
You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.
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.
IF YOU GOING TO FILE BANKRUPTCY KEEP YOUR CAR AND PUT IT IN YOUR BANKRUPTCY IF YOU NEED YOUR CAR. IF YOU JUST WANT TO GIVE IT BACK JUST GIVE IT BACK ANY TIME BUT THE LOAN STILL GOING ON YOUR CREDIT FILE SO IF I WAS YOU I'LL PUT IT IN WHAT EVER CHAPTER YOUR FILEING.