0
What else can I help you with?
If you have a car loan included in a bankruptcy do you have to continue making payments?
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 file Chapter 7 bankruptcy and do not continue to make payments on a vehicle older than 5 years old can you continue to get tags on it after the credit company has filed a lien on the title?
AS long as the title remains in your name, you are liable for tags appearing on the vehicle..You should notify your local motor vehicle dept. of the ownership change.
Would you have to pay monthly notes in filing chapter 7 on my vehicle?
You don't file bankruptcy "on your vehicle." You file bankruptcy to discharge all your debts. You don't get to pick and choose which creditors. But, secured creditors either have to continue to be paid or you have to surrender the collateral, in which case the balance due on the secured note would be discharged.
Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?
Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.
If a vehicle was voluntarily surrendered and sold can collection on the difference be stopped with bankruptcy?
With new bankruptcy laws that is no longer possible. If the person files for bankruptcy and includes the vehicle they will have to pay the entire amount of the loan.
Can you file bankruptcy on a loan for a vehicle?
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
Can a motorcycle be repossessed if the co-owner has a bankruptcy?
A motorcycle is considered a secured debt, meaning the cycle itself is the collateral for the loan. Bankruptcy temporarily halts repossession of a vehicle. In order to keep the vehicle the debtor must reaffirm the loan with lender. Be advised, all secured lenders can petition the BK court to lift the BK stay so that repossession action can continue.
Can a vehicle continue to operate with a defective crankshaft?
It may for a short while. But any defect in such a critical part will eventually worsen to the point of total failure.
Can you keep a vehicle after filing chapter 7 if they have not repossessed it?
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.
Is there any way to avoid paying sales tax on a lower priced new vehicle when the old higher priced vehicle was surrendered during bankruptcy?
No. Bankruptcy has no impact on your duty to pay sales tax are purchases made after you file for bankruptcy.
What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
Can you keep your vehicle if you file chapter 13 bankruptcy?
yes
