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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.
What else can I help you with?
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
What does it mean to reaffirm a mortgage and how does it impact the borrower's financial obligations?
Reaffirming a mortgage means agreeing to continue making payments on the loan after a bankruptcy. By reaffirming, the borrower remains responsible for the debt, keeping the house but also the financial obligation to repay the loan. This can impact the borrower's financial obligations by ensuring they must continue making payments on the mortgage, even if they have filed for bankruptcy.
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
Will it affect your car loan if you go bankruptcy?
Yes, filing for bankruptcy can affect your car loan. If you include the car loan in your bankruptcy filing, you may have to surrender the vehicle or negotiate a reaffirmation agreement to keep it. Additionally, bankruptcy can negatively impact your credit score, making it harder to obtain future loans. However, not including the car loan in bankruptcy may allow you to retain the vehicle, provided you continue making payments.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
What does it mean to reaffirm a mortgage and how does it impact the borrower's financial obligations?
Reaffirming a mortgage means agreeing to continue making payments on the loan after a bankruptcy. By reaffirming, the borrower remains responsible for the debt, keeping the house but also the financial obligation to repay the loan. This can impact the borrower's financial obligations by ensuring they must continue making payments on the mortgage, even if they have filed for bankruptcy.
I had filed for bankruptcy 2yrs ago and it was dismissed. I have a zero balance on a auto loan that shows on my credit report. Do I still have to make my car payments?
If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have been according to your credit report. Your car should have been repossessed, but apparently wasn't. You should check with the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
What happens to spousal maintainance and child support if the person files for bankruptcy?
Spousal support and child support debts cannot be discharged in a bankruptcy, so the ex spouse must continue to keep making the payments. Failure to do so can lead to a dismissal of the bankruptcy case.
Could vehicle get repo if co buyer is in bankruptcy?
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
If a car was not included in your bankruptcy but you later change your mind and decide to stop making payments can the lender have a judgment issues for the balance?
I DO NOT KNOW WHAT STATE YOU ARE FROM OR WHAT ATTORNEY YOU HAD. I KNOW MY CAR WAS LISTED AND I MADE PAYMENTS... BUT I KNOW THAT IF I MISSED PAYMENTS, THEY WOULD TAKE MY CAR... SO,NO...IT IS ILLEGAL FOR THEM TO ASK YOU FOR ANY PAYMENTS AT ALL. HOPE IT HELPS?!
Is it illegal to take a car out of state when you are still making payments on it?
Not as long as you continue to make payments on it.
We did not reaffirm our van in the bankruptcy and kept making payments if we surrender it to the bank are we liable for the balance after auction?
If you did not list it in your BK, you will be responsible for any outstanding balance that is not recouped in the auction. Yes. Secured property is not dischargeable in any bankruptcy filing. ------------------------------ If you included it in the bankruptcy, but just didn't reaffirm it, you won't be responsible for any balance.
How will you know if someone that owes you money and is making scheduled payments files bankruptcy?
Go to where the bankruptcy is filed and have the file pulled and there will be an accounting of all the debts and payments being currently made. It is public information.
Chapter 13 bankruptcy be dissimisal?
You can get a Chapter 13 bankruptcy dismissal by asking your lawyer to ask the trustee for a dismissal. If you are having trouble making the payments, you can ask for you bankruptcy to be modified.
