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Absolutely...you don't escape debt on what you owe....your just allowed to pay it off on more favorable (to you) terms than you originally promised you would, pretty much no matter how bad that is for the one who lent you money!
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time.
Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments.
Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers.
Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.
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∙ 16y ago
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Will it hurt if you voluntarily return my car?
Yes, it can still hurt your credit if you voluntarily return a car. The car company will still put the debt you owe on your credit report if they choose too.
How do you get rid of a car on which you still owe money?
Sell it privately for what you owe on it.
If your car is totaled and you still owe for your car do you have to still pay for it?
Hell yea
How do you find out if the owner still owe a finance company on the car you are buying?
how do you find out if the owner still owe a finance company on the car you are buying?
If you dented another car and then that car is totaled in a separate accident before reapirs are made do you still owe for the dent?
Yes - you still owe for the dent.
Once the lender sell you car do you still owe the balance?
You owe the difference in what the car sells for and the balance on the note.
If you return your car to the lender are you still responsible to keep paying the loan?
Heidi, as a general rule, YES. You are responsible for the UNPAID balance due on the loan. Example, you owe 5000.00, car gets sold for 2500.00, you owe 2500.00 plus fees.Good Luck
What if you wreck a car without insurance and owe the bank payments?
Then you still owe the bank.
What if you buy a used car and it breaks and you still owe on it?
My car is in the impound, i still owe 7,000.00 the impound put a lean. Will the finance Co. take me to collection?
Can your car get repossessed after bankruptcy?
not if you still owe money on it
If you owe money on your car will it be taken if you file chapter 7?
No, you can reaffirm it and continue to pay your obligation.
Can you trade-in your car for a used car?
yes, even if you still owe money on your current car
