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If you turn in your vehicle to the dealership and you file bankruptcy will the debt be discharged?
Uh, why do you think the dealer you bought it from is involved? He may have helped arrange financing for the car, but you most probably owe an entirely different lender for the loan. The dealer can't really touch the car...leaving with him is the same as abandoning it on anyones property..they will just call the police and have it towed away...and you'll have to pay any fees and tickets incurred for that too, sooner or later.
You really need to get some personal professional/financial/legal help.
Bankruptcy involves ALL your debts and ALL your assets...not just your car loan.
You may be required to file a Chap 13 and make payments for several years.
What else can I help you with?
Can a judgment be put on your credit if the debt was part of the bankruptcy?
Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
What happens to a judgment lien in a bankruptcy?
If the bankruptcy is discharged you are no longer responsible for the debt.
Will a voluntary auto repossession still show on your credit reports after Chapter 7 is discharged?
Most likely. They are two separate issues.AnswerYes. It will show that you no longer owe the debt, as well. AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for a voluntary repo. If the vehicle was surrendered as part of the bankruptcy, the loan should show as a ZERO balance, no past dues, and 'included in bankruptcy' on your credit report.
Will a car title loan be discharged by filing bankruptcy?
No, only unsecured debt is discharged.
Is it better to buy a car with a horrible credit history or wait until a bankruptcy is discharged?
Wait until the bankruptcy is discharged. Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And remember that a discharged debt is not the same as a charged-off debt...you will still owe a charged-off debt.
Is debt that discharged in a bankruptcy proceeding considered 1099 income?
no
What are tax implications of debt discharged in a chapter THIRTEEN bankruptcy?
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
Can a repo company come repo a mower 1 year after your bankruptcy?
Yes if there was a lien on it. If your bankruptcy was discharged, it simply discharged the debt, not the collateral.
Is a discharged debt for hardship or disability considered a 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 your ex-wife files for bankruptcy can you go after her for not paying on a joint account?
Not if the debt is discharged in the bankruptcy.
Will you get a 1099 for debt discharged in Chap 7 bankruptcy?
No. Unlike some non-bankruptcy situations, debt wiped out in bankruptcy (any chapter) is NOT income to the debtor.
If you are a landholder on a home and the person files bankruptcy will they be able to include the debt they owe you into the bankruptcy?
They can include it, but the creditor/landholder can file a relief of stay to have the debt excluded from being discharged in the bankruptcy. The decision of what debts are to be discharged are determined by state and/or federal law and the bankruptcy judge.
