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It depends of which B/K you file and whether you complete it.

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โˆ™ 2015-07-15 19:27:40
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Q: If you file bankruptcy do you have to pay the balance after a repossession?
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If you had a voluntary repossession in Illinois and receive a notice for the outstanding balance will the loan be wiped off if you file for bankruptcy or will the co-signer still have to pay?

the co-signer is just as responsible for the debt as you are, hence the name "co-signer"

How much debt do you have to have to file bankruptcy in Washington?

There's no minimum. If you can't pay your bills you file bankruptcy.

If your truck was repossessed and damaged and you were going to file bankruptcy do the reposessors have to return it to you and then you can file and stop the repossession?

no no, it's up to the company if they want to let you keep it or not, some of them think that if your'e filing BK then your'e not going to pay them.

If you are threatened with a repossession can you pay the balance before they repossess the car?

IF the lender accepts it you can.

What are the two chapters a business can file bankruptcy under?

You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.

If you don't pay taxes but work can you file bankruptcy?


How can you avoid the repossession of your car?

You can avoid repossession of your car by keeping tab of your car payments, discuss your situation with the creditor instead of ignoring them. Other things you might want to consider would be to sell the car to at least pay off some of what you owe, or file for bankruptcy.

How soon after receiving a settlement from an accident can you file bankruptcy?

This will be considered an asset. You cannot file bankruptcy if you have a number of assets that can be used to pay your creditors. Depending on the amount of the settlement, you should wait years to file bankruptcy.

Do you still have to pay on a loan after your car is repossessed?

Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.

Will your wife have to pay if you file bankruptcy?

If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.

Can you get finance loan on an inherited home with o balance while in chapter 13 bankruptcy?

Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.

Why would you want to file bankruptcy?

You would generally file for a bankruptcy to get rid of debt. If you have more debt then you can handle and you are constantly getting deeper and deeper in debt then a bankruptcy might be for you.ADDITIONAL SPECIFIC INFO:You would want to file bankruptcy if you are overwhelmed by debt and harassed by creditors. If you are unable to pay your bills you may be eligible for relief under Chapter 7, Chapter 13, or Chapter 11 bankruptcy. A Minneapolis bankruptcy attorney will answer your questions. As soon as you file for bankruptcy:* Harassing phone calls stop!* Mortgage foreclosure stops!* Repossession of your car or furniture stops!* An attempt to garnish your wages stops!* You keep your personal property.* You keep the tools you need to make a living.

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