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If you're filing bankruptcy and you want to keep your car for which you have a loan would you have to pay the trade-in value or retail value of the car?
Wiki User
∙ 18y ago
A vehicle is secured property therefore the debtor has only two choices when declaring bankruptcy. If the vehicle exemption protects it, then the debtor may reaffirm the loan if the lender is willing and keep the vehicle. If the exemption does not protect the vehicle, it will be taken by the trustee sold, the debtor will receive the exemption amount but will have to pay the lender the sale deficit plus any existing fees. When new bankruptcy laws are activated in Oct, 2005, the debtor will have to pay the entire loan amount regardless of whether the vehicle is kept or forfeited.
Wiki User
∙ 18y ago
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Is it a requirement to list your house as an asset when filing for chapter 7 if there is no equity in it?
When filing for bankruptcy, you must list any assets you own regardless of their value.
Can you get a loan after bankruptcy in Canada?
After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy.
How do you get value of personal property for filing bankruptcy For Schedule B such as couch chairs washer dryer it asks for value is that determined by purchase price or what it could sell for?
What it could realisitically sell for
Can you sell property before filing bankruptcy?
Yes but the trustee can seek to include the money received in your estate. If you have sold it to family or friends to avoid losing it in bankruptcy, the trustee can have the sale reversed.
If you file personal bankruptcy can you keep your personal vehicles in Pennsylvania?
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.
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
What happens to your paid off car after filing bankruptcy?
If your car's value cannot be exempted, it goes to the trustee to auction off and the net proceeds used to pay his fee and the balance distributed pro rata to the unsecured creditors. The exemptions are determined by state law, which may allow using the federal exemptions. Check with a local bankruptcy lawyer or go to your jurisdiction's bankruptcy court website.
Where can I find information on the retail value of auto wheels?
You can go to Walmart to see the retail value of their auto tires. You can go to Pepsboy to see the retail value of their auto tires. You can go to auto zone for the retail value of their autio tires.
If you keep a car after filing bankruptcy can you turn the auto in later?
IF the lender will accept it. they dont always pick them up, it depends on the condition of the car, VALUE of the car, amount owed, time of sunrise in New Zealand, ect.
What if you own a house with your wife and wife only wants to file bankruptcy?
Married couples do not have to file joint bankruptcy. However, this does not neccesarily mean that all joint marital property will be exempted from bankruptcy proceedings. Also, married couples who live in community property states are usually considered equally responsible for debts incurred during the marriage. That being the case, the non filing spouse might still be held responsible for debts that were discharged in the filing spouse's BK. The best option is to discuss the matter with a qualified bankruptcy attorney before proceeding.
Which style drapes have the most retail value?
European style drapes an dpatterns have the most retail value.
Can property liens go away after filing bankruptcy?
Liens, either involuntary or voluntary cannot be discharged in BK, there are there to stay. However, it can be possible to AVOID a lien, depending on the value of the lien, value of the property affected, and the exemption amount for that property. Such a procedure is too complicated to discuss here.
