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Will a car title loan be discharged by filing bankruptcy?


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2006-01-01 15:49:23
2006-01-01 15:49:23

No, only unsecured debt is discharged.


Related Questions

Only if the bankruptcy is currently discharged.

Once the bankruptcy is dismissed or discharged it is quite acceptable to file for a new loan. In fact once your chapter 7 or chapter 11/13 is discharged, lending institutions will be lining up to loan you money. The potential of getting a loan approved if your bankruptcy is dismissed is extremely remote however. Considering the reasons for filing bankruptcy might be a good pre-loan application exercise though.

Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".

Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.

No, you can't get out of paying a student loan by filing bankruptcy.

If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.

After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy.

There is no reason to repay a loan after a discharged bankruptcy, if you have done so, you can reclaim all your money from the creditor (you'll have to go through court).

If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.

It won't affect the lender's lien position but their policy. Most lenders won't close the loan if the bankruptcy has not been discharged. If you have been given the discharged paper, you can give a copy of it to the lender and the title company so that they have it in their records.

Yes. With the lender's permission, you can reaffirm the loan at the time your bankruptcy is executed.

Unfortunately no. Both private and federal student loans can not be discharged in Chapter 7 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.

The bank should not have your car title if it is paid off. If you declared bankruptcy and it was discharged, your bank credit card account should be dismissed.

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.

If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.

In the US, at least, you don't file bankruptcy against specific loans, you file bankruptcy in general. You do have to list all your assets and debts as a part of the filing. So, technically the answer is "no", but ignoring that for a moment, why on Earth would you want to do such a ridiculous thing as spend filing and attorney's fees on a debt you don't owe any money on? However, the fact that you have a loan you don't owe anything on (most people do) doesn't stop you from filing bankruptcy.

yes, with the exception of a student loan (although its possible, the standard is so tough that most attorneys simply state they are not dischargeable). Also, if the lender was a secured lender, the loan will be discharged but NOT the lien.

"It is exceedingly difficult to do so. In most cases, bankruptcy inhibits that for the duration that the filing stays on record. If you do get a loan, it is usually at 8-12% rates, or 3-5% above the average. Total cost might be 200% of non bankruptcy loan."

The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)

"Discharge" applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor's obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.

You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.

No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.

If all you did was sign the "Statement of Intention" saying you intended to reaffirm the debt, and did not in fact reaffirm the debt with a reaffirmation filed with the court, and did not continue making car payments after the date of filing, the secured debt survived the filing and you are not entitled to the title until you pay the loan off. The lender can repossess the vehicle and sell it. It's not a question of what the court did, but what you did or did not do with respect to the loan.

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