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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.


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.


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

Yes


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.


How do you regain possession of car that has been repossessed?

Pay the current balance, plus repossession and storage fees.


What happens to employees whose company files for bankruptcy?

Companies that file for bankruptcy still have to pay their employees, if they have enough money. Employees are prioritized during bankruptcy procedures, so the company will have to pay for their work.


Do you have to pay the balance owed after self repossession?

You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.


If I file for bankruptcy can I still refinance my mortgage?

You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.


What is the average amount of debt do people have when they file bankruptcy?

More than they can pay


Can you get a repossession off your credit if you pay the past due amount immediatley?

Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.


If you have been contacted for the remaining balance and set up a payment plan what are your options if you are unable to commit to the plan?

Your options are to be sued for judgement, or file Bankruptcy or PAY. Fairly simple plan.


Does the government have to pay your debt if you file bankruptcy?

Not only does it not have to pay, it will not pay your debts. Debts are not extinguished in bankruptcy. The creditors are prohibited from collecting them, assuming you get a discharge. They still exist in some world of uncollectability.


Would you have to pay monthly notes in filing chapter 7 on my vehicle?

You don't file bankruptcy "on your vehicle." You file bankruptcy to discharge all your debts. You don't get to pick and choose which creditors. But, secured creditors either have to continue to be paid or you have to surrender the collateral, in which case the balance due on the secured note would be discharged.


What can happen if a voluntary repossession is done and the vehicle has sold and you can't pay the balance remaining and a judgment is obtained but you still can't pay?

They can try and garnish your wages(if your working)or they will work out a payment plan with you for the remainder or a portion of the outstanding balance.One option you have is to declare bankruptcy to clear your debts.You cannot be thrown in jail if you cannot pay.


Can you sell property after filing bankruptcy?

You are not supposed to sell any property after you file bankruptcy. Those assets can be used to pay your creditors.


Do you still have to pay for student loans when you file a bankruptcy?

Yes, student loans can not be discharged in bankruptcy. You can consolidate your loans and get a smaller payment.


Can you file bankruptcy on everything but your vehicles?

You can file bankruptcy yourself or with an attorney. People choose an attorney because they do not want to mess with all the motions or learning any law and this can cost anywhere from 300 to 500 dollars to start a bankruptcy action. You can keep one vehicle and your house in a bankruptcy. Technically, when you file bankruptcy you file it for everything in a Chapter 7 and that will wipe away all debts (if you pass the test that they give to even claim bankruptcy) or Chapter 13 which is a consolidation of your debts to pay it off after partial liquidation of assets but be protected under federal bankruptcy law. It is best for your loan companies for your house and vehicles know about your bankruptcy as this will stay any repossession or foreclosure on your household or vehicles. That means they can not repossess or foreclose on your property until the bankruptcy procedure begins and you remain current on your payments throughout your bankruptcy. This can help you catch up and keep your house and one vehicle. You can technically claim bankruptcy and not tell your lenders for your house or vehicles but they will not "stay" or stop repossession or foreclosure on your property until you notify them (calling one of their call centers) and giving them your bankruptcy info including your case number. Hope this has been helpful.