Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.
You can file chapter 7 bankruptcy and reaffirm your mortgage. Your mortgage company is not required to reaffirm your mortgage however, it is their final decision.
You cannot discharge secured debt. You either have to reaffirm the debt / keep paying. Companies like Aarons will come to repossess their property.
You may, provided you do not list it in the bankruptcy, you file chapter 13 reorginization, or if you reaffirm with the mortgage holder. That is a dangerous answer. You must list all assets, including your house, in a bankruptcy. You can keep the house if you reaffirm the mortgages and other debts secured by the house in a Chapter 7 and you are not in arrears on the mortgages, or you file a Chapter 13 to get caught up on the secured debt arrears.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
It is always advisable to NOT reaffirm a mortgage because you would then become personally liable for the debt once more- deprtiving you of the benefit of filing for BK.
When you fill out the forms for the bankruptcy, make sure that you "reaffirm" the mortgage. That means that you will continue to pay the mortgage as agreed. The bankruptcy trustee that will be assigned to your case will guide you through the rest. HIRE AN ATTORNEY!! IF you own a home,,,NEVER go it alone for a bankruptcy.
No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.
Yea, you can. You must list it as an asset, minus any liens, including a purchase-money loan. you can surrender it or reaffirm the debt.
You can file a Chapter 7 bankruptcy.
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
Chapter 11 bankruptcy is actually a chapter in the United States Bankruptcy Code, it permits reorganization under the Bankruptcy laws of the United States.
Yes, if you file a Chapter 13, usually you can retain all your property, although you will have to reaffirm your agreements that relate to a mortgage(s) and auto loan(s). No, if you file a Chapter 8, some assets personal and real will have to be forfeited.
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
Leases are not reaffirmed like secured property is. Leases are either assumed or not assumed, and there is a difference. There is no way to answer your question without knowing more specific facts about what is happening in the chapter 7 bankruptcy proceedings.
You can keep them as long asa you keep paying the car loans. But beware that there is court precedent where a creditor can force you to either surrender the property or reaffirm the debt. Reaffirming the debt is never a good idea.
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
Thats an excellant question to ask your B/K attorney. maybe if you REAFFIRM the debt, you can get it back. MERRY CHRISTMAS
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Only if you don't reaffirm on property.
You need to let your attorney know that you wish to reaffirm the debt on the truck. In order to keep it, you have to remove the debt from bankruptcy protection, keeping in mind, that you can't seek protection from the debt for seven more years.
The simple answer is no. If you are current on your car note, then this is not the issue that lead to the bankruptcy. That you are paying it current may have contributed to your financial situation, but on the surface it is not a reason to surrender the vehicle. Either do not list it or reaffirm it with the lender.
Chapter 7 bankruptcy information can be found at US Courts, Corporate Bankruptcy, Lawcore, Personal Bankruptcy, Legal Helpers, NOLO, and Bankruptcy Help.
An unfortunate aspect of Chapter 13 bankruptcy plans is that the budget is very strict and hard to keep. An individual having problems with the chapter 13 bankruptcy can convert into a chapter 7 bankruptcy or re-file altogether. Make sure to look into the changes and different effects that a chapter 7 (as compared to Chapter 13) will have on you.
Yes you can protect it under chapter 7 bankruptcy