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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.
What else can I help you with?
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
Can you file Chapter 7 and keep your house and car?
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
How long does a the car dealer have to take car after bankruptcy?
You should deliver the car to the dealership when the bankruptcy is signed. Clean it up and deliver it in good shape. Ask for a receipt.
Can you keep a leased car in bankruptcy?
Yes, you can keep a leased car in bankruptcy, but it depends on the type of bankruptcy you file. In Chapter 7 bankruptcy, you may need to reaffirm the lease or negotiate with the leasing company to keep the vehicle. In Chapter 13 bankruptcy, you can often continue making payments on the lease as part of your repayment plan. It's essential to consult with a bankruptcy attorney to understand your specific situation and options.
When will the bank come and take your car after your bankruptcy is final?
Usually, you get to keep at least one car in a bankruptcy, and in fact it's rare the bankruptcy will ask you to sell any car, unless it's clearly a luxury vehicle not required for work. So your Mustang is safe but your Rolls Royce might be in danger. If you owe money on the car, you can reaffirm the debt, and thus keep the car and the original payment plan. Alternately, it's up to the creditor -- they can repossess immediately if you don't reaffirm.
Should a lawyer ask you how mileage on your car if you under bankruptcy?
The lawyer must ask for that information, since it is required to determine the cash value of your car
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
I filed bankruptcy in July and included my car in the bankruptcy it discharged out of court in Oct its now December and they still havent picked up the car how long after that does the car become mine?
unless you opted to keep your car and continue to make payments, they should have repoed it already. in other words, if you still want to keep the car you can only if you keep paying for it.
What are your rights if you have set up a payment plan because you were threatened with legal action but now making the payment is a strain?
Your 'rights" are to do whatever you said you would do(pay the loan off) or give up the car. Its fairly simple, the lender has worked with you and you simply cant afford THAT car. There is a car somewhere that you CAN afford. There are NO magic rights that enable you to keep anything you cant afford. You can file bankruptcy to avoid paying the balance due on the car, but you still dont get to keep the car.
What vehicles can be kept in a bankruptcy?
any car you have it has to be added to your bankruptcy but you get to keep it, as long as you don't go out and buy a brand new car then file , that wont work they wont put that on you will have to pay for it
How do you get to keep gracie's car in animal crossing?
You cant its Gracies car!!!
