Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
They can't force you into bankruptcy, that is a choice you have to make based on your ability to pay your debtors. When a car is repossessed it is sold and you have to pay the difference between what you owe and the cars sale price.
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
If you are not going to reafirm the loan, in other words- keep and pay for the car, then yes the bank will want the car back. Usually they will try to get the car back shortly after your 1st court date when the court has oked your petition to go thru bankruptcy.
Yes. in support with your bankruptcy lawyers experts.
Yes, as long as you continue to have full coverage car insurance and make your monthly car payment on time, and your equity does not exceed the Illinois exemptions.
That decision is made by the lender not the bankruptcy court.
The car will probably be repossessed.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
You will end up having to go to court after awhile, you could claim bankruptcy and basically start over loosing most of the large items you have such as your car and home. But if bankruptcy isn't right for you, in the end your vehicle could be repossessed by the bank who owns the loan.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Yes. If the payment is made to the finnance company.
Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.
As long as you owe them money they can take it.
READ you contract. Likely not on a 1st payment default.
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
YES, making the down payment is part of the contract and you are in default on it.
When you file for bankruptcy, you are required to list ALL debts you owe. However, child support or alimony (called Domestic Support) are NOT discharged in a bankruptcy. In a Chapter 7 - this debt survives your discharge. In a 13 - you probably can pay back the arrears over time, but you have to make the required monthly payment to the Child support agency for current support AND the trustee payment for the back support. I would seek the advice of an attorney that specializes in Bankruptcy to see if this is an option for you.