Wiki User
∙ 14y agoNo. But, the vehicle will become a repossession if payments are not made.
Wiki User
∙ 14y agoYes.
Yes. A bankruptcy does not cover Housing so the debt will not be wiped out. Either pay or surrender the property.
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".
If you filed a Chapter 7 bankruptcy in MI and it is discharged, you can amend whatever document you want at any time. It does not matter whether it is during the process of bankruptcy or after the discharge.
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
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.
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
No. Child support is not discharged in bankruptcy.
No
The debt should be identified as being in bankruptcy or discharged in bankruptcy. It will remain on the list for 7 years. The bankruptcy will remain on the report for 10 years.
It is not necessarily surrendering monies as it is being placed on a very disciplined payment plan to repay the debts you have incurred over the years. Chapter 13 bankruptcy is a structured repayment plan, and involves a debtor paying off as much of his or her debt as possible over a 3-5 year period. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. He will then have a certain period of time to pay off his debt. The plan for getting out of debt is formalized and approved by the bankruptcy court.
The day you are discharged you can buy a car. You need to take proof that you are discharged.