you better go look in you driveway
No you can't be sent to prison.You can declare bankruptcy .
not if you still owe money on it
Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.
When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.
The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
Of course, it won't legally be your car however.
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.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
If the car is being repoed then you owe something.
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.
This would be best answered by a good bankruptcy attorney who knows Arizona law. I believe no matter what you do bankruptcy or not, they will get the car, it does not wipe your credit clean.
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
Yes. If you default on your car loan you will remain liable for the debt.
You will have to ask your bank about that. They are in control now.
Ask this of your B/K attorney. that's what you are paying for.
This is a good question to ask your B/K attorney whom you are PAYING to look out for your best interests.
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.
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.
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.
if i get my car repossessed, can they put a llien on the house?
You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.