You shouldn't have to, if it's financed they might want you to reaffirm but even that would be unusual, as long as you pay, they won't repo it. If not your exemptions can be used to cover enough of it to prevent a forced sale.
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.
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.
if the consigner files bankruptcy can the borrower take the car
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.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
Not likely. You will still be required to surrender the vehicle.
It will show up as both. If the bank auctions off the car, they may come after you for a deficiency judgment. Any chance of them coming after you would be taken care of in the bankruptcy.
The car will be repossessed, unless you surrender it. If you owe more than the car is worth, the lender will not likely want to accept a surrender unless you can pay the balance due on the loan. Your state may not allow creditors to go after loan balances if they repossess a vehicle. Consult a local bankruptcy or consumer debt attorney.
I would surrender the car before the registration is due. Once you surrender the car, the car will go to auction and sold for the highest bid. You will then need to either pay the deficit to the finance company or file for bankruptcy protection to elimiate the debt. NOT if you turn it in B4 its due.
If you are in the process of a bankruptcy, it is not likely that you would be able to secure a loan. If you are paying cash, and the court learns of the sizable asset, your bankruptcy may be vacated, or you may be required to surrender the vehicle. If the bankruptcy is resolved, there is nothing other than the dealer's and lender's personal judgments that would stop them from selling the car to you.
No. But, the vehicle will become a repossession if payments are not made.
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.
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
The simple answer is no. If you are current on your car note, then this is not the issue that lead to the bankruptcy. That you are paying it current may have contributed to your financial situation, but on the surface it is not a reason to surrender the vehicle. Either do not list it or reaffirm it with the lender.
You have not surrendered it just because you said in your bankruptcy Statement of Intention that you were going to surrender it. Surrender means turning the vehicle over to the creditor or its agent. Call the creditor or its lawyer and ask what they want you to do. Usually they will have you drive the car to a place that will accept the vehicle and the keys. Make sure to remove the license plates - at the place you bring the car to, not before - and all personal property from the vehicle.
fail , surrender , give up
surrender, fail, lose