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First is if you qualify for C-7 and not a required payment plan C-13.

Basically, bankruptcy uses all your assets to pay all your debts.

The loan and deficit is a debt.

It was secured by the car, which is an asset (you no longer have). You probably have others.

You MUST include all of your debts and all of your assets in the filing. You do not and cannot pick and chose what is involved. All are given priorities, some of each may be exempt from seizure or discharge.

You really arent' thinking BK will eliminate the obligation to pay and let you keep things you want for free were you? (Yes, after usable assets are dissolved/sold, remaining debt may be discharged....the idea being you have a clean slate).

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17y ago

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