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If you have your car repossessed but still owe money on it can you clear this debt by filing for bankruptcy?

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Wiki User
2015-07-16 18:05:27
2015-07-16 18:05:27

Hi,yes every single debt will be erase,the only debts you can't erase with bankruptcy are past due taxes,everything else is wipe out,thats why is called "fresh start" .

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not if you still owe money on it

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On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.

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You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.

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It depends on the nature of the seizure. A repossessed vehicle has to be returned i it has not been auction to a 3d party. If money was seized by a tax agency, maybe.


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