Yes. The financial insitution will typically call you to set up a time to pick up the vehicle or have you drop it off if you do not intend to reaffirm the debt. They are not allowed to call you to ask for payment, but can ask for the vehicle. You can, however, continue to make voluntary payments on the vehicle and they will not repo it if you keep it current. If you do reaffirm the debt, that means that you intend to keep the vehicle and will continue to make payments on the vehicle, meaning that they are allowed to contact you about making payments.
Yes, how the bankruptcy will affect the ownership of the vehicle depends on the state vehicle exemption amount and if the lender will agree to reaffirm the loan. If there is no loan/lien pertaining to the vehicle then only the state exemption will apply.
You can file chapter 7 bankruptcy and reaffirm your mortgage. Your mortgage company is not required to reaffirm your mortgage however, it is their final decision.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
CC in vehicle terms means the size of the engine, 1000cc=1 litre
It has to do with the size of the engine.
Vague question. Here's how it works in simple terms:When you file bankruptcy, you and your property are protected under the automatic stay. Creditors may not contact you directly once they have been notified of the BK.The stay remains in place until the BK is dismissed or discharged.If you own the vehicle and there are no lienholders, then no you will not lose your vehicle.If you have an active loan and lien holder on the vehicle, and reaffirm the loan, or exclude it from the BK, you will not lose the vehilce.There are other variables, but your BK lawyer can break those down for you with more specific information.
Yes, the estate can be required to return a leased vehicle according to the terms of the lease. If you read the fine print, it's there. Do you think that the vehicle should remain the property of the estate when it was only leased in the first place? That's the idea of a lease, the vehicle belongs to the leasing company and they let you use the vehicle for the terms of the lease. The terms of the lease are defined in the contract. If the estate of the deceased has been sued, I'm sure it is consistent with the terms of the contract.
If you mean this in car/vehicle terms then I'm sure its the registration plate.....Vehicle Registration Mark
If the vehicle is protected by the state or federal bankruptcy exemption, you can try to reaffirm the loan agreement with the lender. If that's not possible you will be required to surrender the vehicle and will be probably be held responsible for any deficiency and applicable fees after the car is resold.
in terms of brakes and most everything else in auto mechanics, leading is the part towards the front of the vehicle and trailing is towards the rear of the vehicle
All property in BK that is not exempted by state and/or Federal law has to be surrendered to the trustee. A vehicle is secured property and will be returned to the lender, or sold depending upon the circumstances. A car which is covered by exemptions, but is in default for payment, is usually returned to the lender. In some cases the lender will allow the debtor to reaffirm the loan and establish terms to catch up on missed payments .Property is not automatically returned to the person who filed BK.
Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.
By passing the Platt Ammendment
It is always advisable to NOT reaffirm a mortgage because you would then become personally liable for the debt once more- deprtiving you of the benefit of filing for BK.
It depends on the terms of your contract
It is good for what is covered under the terms of the warranty. Since the vehicle is 7 years old it has probably expired.It is good for what is covered under the terms of the warranty. Since the vehicle is 7 years old it has probably expired.
Yes, but its never wise to reaffirm a mortgage. Even if you dont reaffirm, as long as you keep making the mortgage payments, the bank wont foreclose.
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
The terms are one and the same - a vehicle with twin turbos is a vehicle with two turbochargers, and a vehicle with two turbos is referred to as being a twin turbo.
I suppose they use it to reaffirm their faith. Reading the word of God everyday will also reaffirm your faith and is probably better than mindlessly repeating the Apostles Creed.
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.
They are at the same level of generality or spicificity.
Only if you don't reaffirm on property.