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If your car's value cannot be exempted, it goes to the trustee to auction off and the net proceeds used to pay his fee and the balance distributed pro rata to the unsecured creditors. The exemptions are determined by state law, which may allow using the federal exemptions. Check with a local bankruptcy lawyer or go to your jurisdiction's bankruptcy court website.
What else can I help you with?
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
When filing Chapter 7 bankruptcy should a car that is not paid off be included on the schedule of personal property?
no
Does having a car in repo effect filing for bankruptcy?
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
What happens to my paid off car in a bankruptcy?
Owned assets are auctioned off to repay all creditors.
Can you donate a paid for car while in bankruptcy?
When you donate a car after bankruptcy this means you are giving a property that you owned. Well, that's okay but not the right choice specially in times like this. Consult Atty Jeffrey Cancilla, he can help you deal with your problem.
Can you cosign for a car if you are filing for bankruptcy in the future?
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
How can one get a car loan after filing bankruptcy?
To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.
Can you keep a house and a car after filing for bankrupty?
The filing will delay the foreclosure or reposession for a bit. But, presuming there are secured loans to the items you mention, they will need to be satisfied (paid) in the course of the bankruptcy, or those actions would still occur.
You are filing for bankruptcy and the car is in your name only for insurance purposes and you use it to take your disabled mother about Can it be taken in bankruptcy?
No!
Can you receive a car accident insurance settlement after filing a Chapter 13 bankruptcy if the accident happened after the filing?
Yes
Will it affect your car loan if you go bankruptcy?
Yes, filing for bankruptcy can affect your car loan. If you include the car loan in your bankruptcy filing, you may have to surrender the vehicle or negotiate a reaffirmation agreement to keep it. Additionally, bankruptcy can negatively impact your credit score, making it harder to obtain future loans. However, not including the car loan in bankruptcy may allow you to retain the vehicle, provided you continue making payments.
Can one put car payments on their bankruptcy?
You not only can, you must. All creditors must be listed in any bankruptcy filing.
