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Your car will likely be repossessed if you did not sign a reaffirmation agreement. If it was included in the bankruptcy, but just not reaffirmed, however, a judgment can not be placed against you for past due amounts or any balance owed. They can, though, slap you with a repossession on your credit record.

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2011-09-13 12:35:35
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Q: What if someone did not reaffirm their car after they went bankrupt and missed four payments what will happen?
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Will you lose your car if you make the payments but the loan is in someone else's name and they go bankrupt?

What will happen depends on the decision of the bankruptcy judge. If you are making the payments but the loan is in someone else's name, you do not have a legal leg to stand on. Still, the bankruptcy law in the United States, recognizes the need for an automobile. So, that person may keep the car.

What if you miss your court day when filing bankrupt?

what can happen if you are filing bankrupt and you miss your court date

You are renting a house making payments the landlord is filing bankrupt what will happen to the house?

The property may go into foreclosure, but that has nothing to do with the tenant. Until there is a foreclosue sale, the tenant is obligated to pay rent to the owner.

If you file Chapter 7 bankruptcy can you reaffirm your car loan for a lower interest rate?

That depends on the state you live in and the loan company. Talk to your lawyer about this. The bank can always agree to rewrite the loan, which is essentially what has to happen for it to be given a new interest rate. Why they would provide a bankrupt a loan, especially one at a lower rate, I don't know. Maybe they don't want the security back, and feel they would have a greater loss by doing so and in order to prevent a loss by your BK they would rather get less on the existing one. So while you may be able to reaffirm (or get someone to give or maintain your creditability) cannot just decide to change the terms to what you want and reaffirm.

How do you have someone take over payments?

You and the person wanting to take over the payments, go in a sit down with the lender who holds the note, and talk about it. The lender must agree to this for it to happen.

What can happen due to loss of employment?

One can become bankrupt

In concrete terms what would happen to Iceland if the Icelandic government goes bankrupt?

Governments can't go bankrupt. They just have to work their way out of their dept.

What would happen if you don't manage your finances properly?

You will get bankrupt and get into family problem or your wife will get divorce from you

What happen to suge knight?

He went bankrupt, had to sell Death Row and now he's currently broke.

What happens when someone who cosigned for has filed bankruptcy?

If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.

If i cosigned on a loan then the person goes bankrupt then they default on a bankrupt what happen?

You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.

What can happen if you miss time share's monthly payments?

What can happen if you miss your time share's monthly payments depends on the contract you have with the company you purchased the time share from. In most cases you can expect that eventually the time share will be repossessed by the lender and sold to someone else. You will still owe the money that remains on your contract, even if you don't have the time share any longer.

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