If there is a loan which used the car as collateral, yes.
No. The secured property may be sold to pay the debt. However, you may (possibly) escape any deficiency that sale brings.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Secured creditors to the extent of their security on specific property (e.g., mortgage interest on real property)
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
The homestead exemption can protect your home equity in Chapter 13 bankruptcy from being used to pay off creditors. If the Chapter 13 case is dismissed, the homestead exemption may still provide some protection against foreclosure by allowing you to keep a certain amount of equity in your home. However, without the structure of the Chapter 13 repayment plan, you may still be at risk of foreclosure if you are unable to catch up on missed mortgage payments.
In a Chapter 7 bankruptcy, a secured creditor has the right to repossess any secured property and sell it. However, if the car does not bring enough at the sale to pay off the entire loan and cost of repo, the automatic stay prohibits the creditor from pursuing this deficiency balance.
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
No...and in fact it may well resolve the mortgage by selling the property it is secured to to pay the lender.
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7 it doesn't make sense that you could keep a secured piece of property and not pay for it. Maybe you were unclear about what you were really doing.
You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
A secured creditor does not need to file a such a claim, the lien against the property is sufficient proof. Generally the lien holder/lender will ask for the automatic stay to be lifted so foreclosure or repossession action can continue or be implemented against the property. In a chapter 7 bankruptcy the borrower must be able to reaffirm the secured debt to avoid recovery or litigation action from the lender.