Are you in default of the loan contract(INS)??? Did you reaffirm the debt?? Are you CURRENT on the loan?? Contact your B/K attorney for more info.
No. But, the vehicle will become a repossession if payments are not made.
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
A vehicle is a secured loan and cannot be discharged in bankruptcy. If a reaffirmation agreement between the lender and the borrower is not possible the vehicle is usually repossessed. However, the lender does not have a legal obligation to recover the vehicle. The lien will not be released until the loan is paid or settled to the satisfaction of the lender. Under new bankruptcy laws, the lender is entitled to collect the full amount of the loan plus any applicable legal fees and interest. This generally means that the lender will file a lawsuit to obtain a judgment which can be used as a wage garnishment, bank account levy or other method as allowed by the state laws to collect money owed.
Yes, your obligation under the promissory note will be discharged, however, the security interest will remain. This means the lender can still foreclose on the property if payments are not made. If you plan to surrender the property to the lender, then this isn't an issue.
Not if the debt was officially discharged in the bankruptcy.
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.
The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.
The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.
It won't affect the lender's lien position but their policy. Most lenders won't close the loan if the bankruptcy has not been discharged. If you have been given the discharged paper, you can give a copy of it to the lender and the title company so that they have it in their records.
Your bankruptcy was not discharged, unless it was thrown out of court. Your debts were discharged. You can keep making the payments, find somebody who will take the car and make the payments, or call the lender to make a "voluntary repossession." You will then learn what a dumb move it was to buy the car, since you will be liable for any deficiency and you cannot file c. 7 again for 8 years.
They cannot so long as the Bankruptcy is active. As long as Bankruptcy procedings continue, you and your property are protected by the automatic stay. Lenders cannot move to secure collateral until after the stay is lifted when the BK is discharged or dismissed. Once this has occurred, if the payments are not current on the vehicle and it was not reaffirmed in the BK, then the lender may take what means are necessary to secure their colateral. If the property was included in the BK, the trustee will have you make arrangements to turn the vehicle over.
You must talk to the lender who has a lien on the vehicle. It is up to them if you will be allowed to take over the payments.