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No, that would be considered a fraudulent transfer (i.e. you are trying to get rid of assets to prevent them from being used to pay off creditors). You CAN SELL a car to anyone- provided they pay the actual car value (so no selling your car to a friend for $1). The trustee can review transaction up to 2 years before you filed for BK, and trying to get rid of assets is one of the best ways of getting your BK case dismissed- so dont do it.
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∙ 13y ago
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Can you trade your car before your bankruptcy is final?
I think you can :-)
If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?
Of course, it won't legally be your car however.
If you have a car repossession can it be settled if in several months you go into bankruptcy?
If by settled, you mean get your car back, no, unless the bankruptcy was filed before the car was sold at auction (unlikely to be several months).
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
Can you buy a car after a short sale?
Yes you can. I had a friend who went through bankruptcy and because he was clean before it, the dealer gave him the zero percent factory financing. It all depends on what your total credit history was.
I am going into a bankruptcy in app 1 month the bank wants to reposses the car if I surrender the car before the bankruptcy is filed will it show up as a repo or go under the bankruptcy?
It will show up as both. If the bank auctions off the car, they may come after you for a deficiency judgment. Any chance of them coming after you would be taken care of in the bankruptcy.
How can one get a car loan after filing bankruptcy?
To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy if you caused a car accident?
Could vehicle get repo if co buyer is in bankruptcy?
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
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.
If I hide my car until I file bankruptcy can I get in trouble?
If you hide your car before you file bankruptcy and get caught, it is fraud and as far as im aware there will be a prison sentance. If you need to file bankruptcy in the first place then maybe selling your car would be a good idea to pay off some of your debt to try and prevent bankruptcy, because it is a very serious thing and not recommended as a get out clause for not paying debt.
If you cosigned a car note for a friend and he gets into an accident and a legal lawsuit and then files bankruptcy what responsibility do you have?
It becomes your financial resposibility to satisfy the note.
