2006-08-03 10:47:08 · 20 answers · asked by james_allen_w 1 in Cars & Transportation ➔ Car Makes ➔ Chevrolet
If you want them to Repo the car. Bancruptcy only works for credit cards, a car they will repo.
2006-08-03 10:50:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
My son filed for bankruptcy when his wife ran up $10,000 in debts while he was at sea, and then ran off with another sailor. He never saw her again, but since she had his power of atty, there was nothing he could do about it.
He owed $15,000 on the car, and the faceplate to the expensive sound system was gone when he returned to an eviction notice on their apartment for non-payment of rent.
Yes, he filed bankruptcy, the loan company took the car back, and my son was left with ruined credit for the next seven years.
He and his new wife are expecting, and I have to co-sign with him for a condo.
You really need to see a credit advisor. Go to the loan company that owns the car, (not the kind of advisor you have to pay). They will help you make a decision based on your best interest.
2006-08-03 10:58:28 · answer #2 · answered by Yarnlady_needsyarn 7 · 1⤊ 1⤋
I filed bankruptcy several years ago- due to medical bills- It will wipe out your med bills, credit card debt, etc. If you owe taxes you still have to pay them - you can't file on student loans and if you keep any big item -like a car or house- you have to keep making paymentrs, but they will work with you and get them where you can afford them- I wouldn't file just for the car though.
2006-08-03 10:54:02 · answer #3 · answered by messijessi 4 · 0⤊ 0⤋
Generally not. Bankruptcy laws have changed recently, but even before that, 20k wasn't worth filing bankruptcy over.
Bankruptcy referee will take far more assets than you realized.
How much is the car worth?
Did you have a co-signer that would remain responsible, and would be very negatively impacted?
2006-08-03 10:52:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
See a Bankruptcy Lawyer.
2006-08-03 10:51:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The laws have changed. You're best bet is going to be to drive the car as long as possible and hide it everytime you park it somewhere so the repo guys can't find it. You're better off just letting the loan go to repo than filing bk.
2006-08-03 10:51:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You owe 20 dollars on a car and you want to spend hundereds on BK? I presume you meant 20 thousand dollars. If the car is worth what you owe, no problem!
2006-08-03 10:51:01 · answer #7 · answered by Mike Hunt 5 · 0⤊ 0⤋
it doesn't matter if you go 7 or 13, the car will be put into a payment plan w/ other secured debt and you have to pay for it, your attorney should tell you what is the best option for your specific needs
2006-08-03 10:51:05 · answer #8 · answered by sweetiepi 5 · 0⤊ 0⤋
no way not at all, just try to pay it over time. Filing chapter will mess u up and it takes a long time to build ur credit back up.
2006-08-03 10:50:35 · answer #9 · answered by lowkey616 3 · 0⤊ 0⤋
No. Pay you car note as promised or sell the car to payoff your loan. Either way pay the loan off.
2006-08-03 11:11:12 · answer #10 · answered by Unique 4 · 0⤊ 0⤋