If it has been discharged (At the end of the Chapter 13 plan), then you will most likely have to work out some type of payment with the lender. You can also consider filing another Chapter 13. (The car would most likely be the only debt)
A person immediately contact their lawyer to assist on issue.
An automobile loan is secured by the vehicle title, meaning that the lending institution has filed legal notice of interest in the vehicle. Even if you file chapter 7 bankrupcy, the lending institution can repo the car if you don't make payments.
No. But, the vehicle will become a repossession if payments are not made.
The debtor cannot sell nor transfer any property without the permission of the bankruptcy trustee or until the BK has been discharged and closed.
Most likely. They are two separate issues.AnswerYes. It will show that you no longer owe the debt, as well. AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for a voluntary repo. If the vehicle was surrendered as part of the bankruptcy, the loan should show as a ZERO balance, no past dues, and 'included in bankruptcy' on your credit report.
Probably there are much more chance that you will be loosing your house and vehicle by converting from chapter 13 to chapter 7 bankruptcy. There is a $25 conversion fee that has to be paid to the court. Depending upon the status of your chapter 13 case.
Chapter 13 is a reorganization of debt. I wouldn't think so as long as you reaffirmed the loan. Yet read the contract and see if this is even possible
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.
Unless a secured lender has received a "lift of stay" on a debt included in bankruptcy, they must wait until the BK has been discharged before they can repossess or begin legal procedures to retrieve a vehicle. A vehicle is considered a secured debt and is not dischargeable in a chapter 7. The borrower/debtor should contact the BK trustee and/or the lender to clear up the matter or he or she may face complicated litigation in the future. The title will still show a lien holder and the DMV will not issue a duplicate one until the lender signs the vehicle over to the borrower.
You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.
Yes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it or take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.