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Usually, you get to keep at least one car in a bankruptcy, and in fact it's rare the bankruptcy will ask you to sell any car, unless it's clearly a luxury vehicle not required for work. So your Mustang is safe but your Rolls Royce might be in danger. If you owe money on the car, you can reaffirm the debt, and thus keep the car and the original payment plan. Alternately, it's up to the creditor -- they can repossess immediately if you don't reaffirm.
What else can I help you with?
Should you take your money out the bank before filing bankruptcy?
yes
Can a bank take your deposits out of your account after you have filed for bankruptcy?
no because you have no money idiot
Can a bank take your paycheck because you said you were filing bankruptcy?
Only the State and Federal government institutions have the right to levy your bank account directly. Banks can take your paycheck to cover insufficient funds in the check-owner's bank account (with that bank) but cannot do so just because the owner of the account is filing for bankruptcy.
What does FRA mean at closer of bankruptcy?
Final Report and Accounting. Should take about 30 days. Congrats
How can bankruptcy help stop a foreclosure?
Filing for Chapter 7 bankruptcy forces all of your creditors to stop harassing you, as all proceedings are temporary put to a halt while the bankruptcy is processed. However, you typically have to take the initiative and show proof of your bankruptcy to the bank for them to stop harassing you.
We filed chapter 7 bankruptcy. When can the bank take the house?
When you either voluntarily give up the house or you stop making payments (foreclosure).
How long does it take for the accounts to come off your credit report after being discharged from bankruptcy chapter seven?
Never
If someone files for bankruptcy can the Credit Card company take money out of your checking account to try and retrieve some of the debt after they were informed you were filing bankruptcy?
No, once a bankruptcy is filed an automatic "stay" is in place, and creditors cannot pursue any collection action. Even outside of bankruptcy, a creditor cannot arbitrarily garnish a debtor's bank account. The creditor needs to file and win a lawsuit, be granted a judgment and then enforce the judgment as a bank account garnishment.
If you filed bankruptcy signed a reaffirmation agreement but the court discharged that agreement and you're currently up to date on the car payment will they come and take the car or can you continue?
If you signed a reaffirmation agreement in bankruptcy, but the court discharged that agreement, the lender will come to take the car. This will occur even if you're currently up to date.
How long does bankruptcy take to be final in California?
It depends on how organized all of your paperwork is. It seems to take 2-3 weeks on average but it can be done in as little as a day. Source: http://www.crwlegalcenter.com/howlong.shtml
What is a Mortgage Take Out Letter?
A take out letter is an approval letter that the bank provides to a borrower, stating that you are approved for the final loan on the home once it is completed.
Can they take your second home in bankruptcy?
Unfortunately yes. Bankruptcy is a real sacrafice. Oh...they can take your first house too.
