Same as anyone who doesnt make the payments, it gets repoed. You cant drive for free. NO special treatment for you. I'm pretty sure that the law is the same in most states regarding bankruptcy. Until the bankruptcy is discharged, the bank has no legal recourse to the vehicle. (Common misconception is that consumers can quit making payments on vehicles when chapter 7 or 13 is filed, this is not true! most likely a judge will rule in favor of the Finance company owed, which only makes it look worse if you stopped paying for it!) As soon as the discharge is submitted by the court, the finance company has full legal claim to the collateral on loan that is in default. FYI for those thinking about filing bankruptcy: IF you want to keep your vehicle/property, do NOT quit paying for it. If you cannot make payments inform the bank that you are filing bankruptcy, but want to come up with a solution to keep your car. Most financial institutions would much rather hear from the debtor and make resolutions than to attempt to post it for repossession. In my experience in Recovery, the banks offer a new contractual agreement, or re-finance to help you get through the few months that youre in Bankruptcy status. Good Luck
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.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
Metropolitan Bank (or any bank, really) will not cancel a loan unless (1) you successfully are discharged from a Chapter 7 bankruptcy or (2) you defaulted and the bank decided to write it off after collection efforts. If your account was cancelled and you still have a loan outstanding, you are still responsible for making payments on that loan.
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
This is actually a question for your attorney but here is a direction. Ask your attorney if the home equity loan was included in your bankruptcy, did you complete all the payments you agreed to in the bankruptcy. I am guessing that if you filed for BK the bank probably did not let you use any unused portion of the line. Look into refinancing your home equity line of credit they are usually not fixed and can go up as much as once every 30 days. Right now the projections for the prime rate is to increase as much as 1/2 to 3/4 to 7.25 by the end of this year. If there is no equity in the home, then the lien is discharged in bankruptcy making it an insecured debt.
The party that filed bankruptcy will be protected as far as the collections process is concerned. The bank will in response expect the party who has not filed bankruptcy to make all the remaining payments. If this happens, you may want to consult with a lawyer ASAP so that you are making payments on a house that will be co-owned by an X.
Chapter 13 bankruptcy, or reorganization bankruptcy is a very different type of proceeding An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels, making payment over a designated period of time. The plan for getting out of debt is formalized and approved by the bankruptcy court. Some unsecured debt (debt that is not collateralized) may be discharged. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels.
Yes, they can. The real question is, why would they want to? It costs creditors to place (and to update) information on the credit bureaus. If their debt was discharged through your bankruptcy, the only entries they should be making are to "clean up" the account and mark it as "discharged" or "included in bankruptcy". All other negative information needs to be removed from the tradeline so that this no longer impacts your credit score. (You are already taking a huge hit to your score for the legal action) If this has not happened, perhaps this particular creditor has not been notified that their account was discharged. Either you or your attorney needs to send the creditor a copy of your bankruptcy papers and request that they update the credit bureaus accordingly.
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