I have my mother's car in my name and she owes a couple of months on it. I really need to go into bankruptcy but Im afraid of losing the car! Will I lose it by filing rither chapter 7 and 13???
2006-08-21 06:30:11 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
I forgot t mention that I would like tp keep the car. And can the car be forgiven if I file it w/ the chap.13?
2006-08-21 06:53:08 · update #1
Is the car only in your name or in yours and hers? Can you prove that your mother always made the payments, or did you really make the payments but you call it your mothers car? Why was the car put in your name instead of moms? Who carries the insurance? How much is the car worth?
All of these questions will lead to deciding what chapter to file. In general, an individual is allowed so much property to be exempted (kept) in a bankruptcy. This varies from state to state. Your bankruptcy attorney can tell you for your state.
If you are current, the loan company may allow you to keep the car and pay for it (reaffirm). If you are behind, it may be able to be saved through a chapter 13.
If the value of the car puts you over asset (have too many assets to file), there are ways you can still keep the car or other assets. Your bankruptcy attorney can guide you through this process, but generally you have to pay the amount you are over asset to the trustee, or turn over assets.
Hope this helps.
2006-08-22 16:44:54 · answer #1 · answered by DisneyMom92 2 · 1⤊ 0⤋
Chapter 7 is the best to file if you just have to. Consult with your Bankruptcy Attorney. The Laws have been amended and some has changed. Tell him that you need to file but need to keep the car. He may have a solution, they always do.
2006-08-21 06:42:05 · answer #2 · answered by Vera W 3 · 0⤊ 0⤋
If the motorized vehicle is owned "loose and sparkling" you could keep it always. this relies upon on the State you're in and what exceptions they enable. some enable a series dollar volume, so once you've a real expensive automobile you'd be required to teach it in. different states help you retain a motorized vehicle no matter if it really is a need. If the motorized vehicle continues to be being financed. you could keep it in case you nevertheless pay on it. yet you nevertheless could contain it contained in the financial ruin. even with the undeniable fact that, as quickly because it really is lined you could signal a re-confirmation settlement, it really is an settlement that truly says you'll proceed to pay on it. This has the right results of eliminating it from the BK. Now, once you signal a Reaffirmation settlement if at any time you develop into antisocial you loose any danger-free practices you had less than financial ruin. which means they could nevertheless Repossess it and are available when you for the deficiency stability. so that you'll favor to "run the numbers" along with your criminal professional to no matter if it really is extra constructive to easily turn that automobile in and get a more low-priced automobile, or to maintain the present automobile and purely pay it off.
2016-11-30 22:47:21 · answer #3 · answered by Anonymous · 0⤊ 1⤋
only if you include the car payments as part of the bankruptcy.
if you don't want to pay on it, they will take it if you're including it, especially since your mother is driving it, and i'm assuming you have a car of your own.
chapter 7 bankruptcy completely wipes out your debt, except for student and government issued loans.
chapter 13 is just a re-organization type of bankruptcy. you will pay off the debt, but have to set up arrangements.
2006-08-21 06:39:55 · answer #4 · answered by stop stalking me! @ psycho 4 · 0⤊ 0⤋
First of all it depends, They have made it much harder to file for bankruptcy then they used to. And depending on who your loan is through...once you file for bankrupcy then yes you can lose your car. More then likely they will repo it. My Advice to you is get another job and do what ever it takes to earn money to afford your bills...And next time be more carefull with ur money.
2006-08-21 06:38:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Depends on what you file for. (Chapter 13 or 7)
Check this out for the difference...
2006-08-21 06:38:54 · answer #6 · answered by still waiting 6 · 0⤊ 0⤋
You might want to consider paying it off first. But after declaring bankruptcy, with the advice of your attorney, you can contact individual creditors and ask them to let you keep the loan if you promise to continue paying it in spite of the bankruptcy. Ask your lawyer.
2006-08-21 06:37:14 · answer #7 · answered by Larry 6 · 0⤊ 0⤋
You probably won't lose it if you need it to get to your job.
2006-08-21 06:37:08 · answer #8 · answered by charles c 3 · 0⤊ 0⤋