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In a Ch 7 bankruptcy if you voluntarily surrender a car prior to actually filing is any consequent deficiency collectible?
Sure. Unless you had them agree in writing that in exchange voluntarilarly surrendering they wouldn't seek any other damages.
And here's the thing - if you didn't do it voluntarily (which you'll probably find is what you agreed to do when taking the money and signing on the loan agreement - if you defaulted on the loan - and keeping/hiding it isn't really legal - so it's not something you did that really deserves a lot of thanks) - then any costs they would have had - and the likely lower value of the car - would have made you owe more anyway....(they get to recover whatever not turning it over costs them)....so really, you were helping yourself by not making matters worse.
An alternative would be, as they probably sell it as wholesalers for less than you a private party could...if they won't give you a release to surrender it...then sell it on your own and of course they get all the proceeeds...or enough to pay off the debt...to release the title...you still get more to pay off the debt...and don't incur the repo expense. And, acting responsibly, they MAY cut you some slack.
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THAT'S not necessarily true. While it would be true that a deficiency balance would be collectible if you were not filing for bankruptcy protection, the fact is that the deficiency balance is dischargeable in bankruptcy.
What else can I help you with?
Can a mortgagor still file a deficiency judgment on you after you file bankruptcy?
a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong. a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong.
You filed a chapter 13 bk and surrendered a car you were the co sighner but your mother-in-law was also on it can the bank go after her for what is owed on the car?
Yes. See this same question, many times. The deficiency is collectible and the debt is collectible against anyone on the note who didn't clar it theough some other process like bankruptcy.
If you filed bankruptcy and are now facing foreclosure can the bank get a personal deficiency against you?
Yes, if the state and loan documents allow for a deficiency judgment, the bank can sue for one after the home has been sold at the sheriff sale and there is a deficiency. If the homeowners are sued after the public auction and the bank gets a deficiency judgment, then bankruptcy can be used to discharge the judgment. However, bankruptcy can not be used in advance before a deficiency judgment or other debt even exists to preclude its possibility.
Can you file a chapter 7 bankruptcy if a lender files a personal judgment for deficiency?
Yes
How do you avoid deficiency judgments in lee county Florida?
You can avoid the laws if your lender agrees not to press charges for deficiency. You can also file for a chapter 7 bankruptcy.
What does tetany mean?
tetanyˈtɛt(ə)ni/nouna condition marked by intermittent muscular spasms, caused by malfunction of the parathyroid glands and a consequent deficiency of calcium.
How long after your bankruptcy discharge will it take to get a 1099-C from a creditor our discharge was Dec 12 08?
You should not get a 1099C if the deficiency was discharged in a bankruptcy. Otherwise, you should have gotten one by now.
If you voluntarily relinquish your vehicle will the lender allow you to repay any deficiency after the sale of the vehicle at 100 dollars a month?
It's not possible to give a definite answer as it would be the lender's decision alone. However, most lenders are willing to work with the debtor if it is at all possible rather than pursue litigation or perhaps force the debtor into bankruptcy.
When answering a deficiency judgment complaint can you also ask for dismissal of the case based on personal insolvency?
Insolvency is not a defense to a complaint for a foreclosure deficiency. If you have filed bankruptcy and the debt was discharged, that would be a defense.
What happens to the deficiency of a repossession after chapter 7 bankruptcy is discharged?
IF you list it on the B/K. it goes away, you dont owe it anymore.
I am going into a bankruptcy in app 1 month the bank wants to reposses the car if I surrender the car before the bankruptcy is filed will it show up as a repo or go under the bankruptcy?
It will show up as both. If the bank auctions off the car, they may come after you for a deficiency judgment. Any chance of them coming after you would be taken care of in the bankruptcy.
Do I have to surrender my home to bankruptcy?
Yes. The debtor can take either action voluntarily, but that will not relieve the debtor of the original contract agreements. In the case of a vehicle the borrower/debtor would still be responsible for any deficiency between the price the vehicle was sold for and the loan amount. A voluntary foreclosed or the submission of the deed in lieu of foreclosure is a complicated matter and the extent of the debtor's financial responsibility would be stated in the terms of the loan agreement.
