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Gave Pink slip as collateral along with a promissory note. Pink slip was never changed to show a lien. I then filed bankruptcy. Is this an unsecured debt or do I have to give up the auto?
Wiki User
∙ 16y ago
As provided to where you asked before:
If someone is holding the title to a car only, thinking that means something, they will soon learn otherwise! (That is what a file drawer is for). The paper itself is meaningless...and of course it can be replaced by the owner at any time.
To have a security interest in the vehicle, the owner must have had the MVD put the lender on the ownership record (regardless of it's color or lack thereof, and that makes the lien), and normally another piece of paper is issued showing it.
A lender without a "perfected" (that means actually recorded) lien on the property, has no special interest above any other lender in that property and is one of the general, unsecured creditors of the bankrupt.
Now that doesn't mean you'll keep the car at all. It just means the debt is unsecured. Generally, but not always, cars (like other assets) of any decent value are used to pay debts in most bankruptcies. (Secured debts are just the first to get payment by the sale of that asset).
And just so you understand....in the days when holding the pink slip was commonly used...it actually was slang for meaning the lender and borrower would go down and record those things - with the lender either putting his name on it entirely (so when he sold it after you didn't pay in a few weeks, he could easily do so, without repossession, as he already had title!), or just as a lien on the car...but not just handing the paperwork over!
Wiki User
∙ 16y ago
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What happens when a judgment is against us while in the process of claiming bankruptcy?
If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.
What were the chapter 7 bankruptcy laws in 2001?
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
When a company files bankruptcy what happens to the union contracts?
They can be changed by the Court.
What can you include in bankruptcy?
Please see a lawyer because laws have recently changed.
If a bankruptcy was discharged on an account that was sold to another lender and the original creditor is marking it as a charge off should it be marked as bankruptcy by the original creditor?
Yes, this debt should have been marked as a bankruptcy by the original creditor. It cannot be changed from a bankruptcy to a discharge unless the bankruptcy did not go through.
Why do divorced men file for bankruptcy?
PEOPLE file for bankruptcy because of economic circumstances. Divorced men would have less motivation to do so than many, as child support is a debt that cannot be changed by bankruptcy.
If you filed for bankruptcy and then changed your mind and never went through with it and it is showing up on your credit report how do you get it removed?
A dismissed bankruptcy whether voluntarily or done by the bankruptcy court will remain on a CR for the required 7 years.
Is a laptop being hacked when on an unsecured network one goes off-line and changes their password and then attempts to get back online and can't but when the password is changed to its original can?
=ambot=
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
Are there any new bancruptcy laws?
The federal bankruptcy laws changed in October of 2005. I don't think there have been any changes since then.
When you file for bankruptcy does someone come to your house to list all your assets and take all the things you did not list as exempt?
Actually, the laws have changed a bit since the 2005 Bankruptcy law was signed. Instead of the "yard sale" way of valuing your assets, you now have to value your assets at the amount it would cost to replace them today with items in exactly the same condition. For more information, see Findlaw's excellent sections on bankruptcy and the changes from the 2005 law. http://bankruptcy.findlaw.com/bankruptcy/bankruptcy-basics/bankruptcy-overview-overview(3).html#8B5C102F-3D8A-4836-A2A3D553A00E015E
If you declared bankruptcy can a creditor continue to mark your report as a charge off even after the date of your bankruptcy?
The account will or should be changed to read "included in bankruptcy". It will still however remain on the report until the seven year time limit expires. However, the account is charged off for the amount that wasn't collected and reporting that would be proper too. (Charge off is how the creditor reflects that you didn't pay and he had a loss on the account...that it was by bankruptcy makes no difference...actually worse).
