if you are paying the money to the truste if your in a accident who get paid the truste or car owner
2006-09-01 16:35:16 · 5 answers · asked by kevin 1 in Cars & Transportation ➔ Other - Cars & Transportation
trustee handles all distributions
2006-09-01 16:38:05 · answer #1 · answered by sllyjo 5 · 0⤊ 0⤋
The balance owing on the car would go to the Trustee minus interest. The remaining balance would then be the decision of the Trustee of where it goes but I have always seen that the car owner, which would be you in this case, would get that money. Normally they will not keep it unless you are behind on payments to the Trustee. The bad thing is that you cannot get a replacement car without the Trustees consent however, if you have a good Attourney, you can get tyhe vehicle replaced and putthat payment in your Bankruptcy payment plan.
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2006-09-01 16:47:19 · answer #2 · answered by upcowboy27 2 · 0⤊ 0⤋
Lawyer here. A lien usually secures a loan, in the case of the car, you have an auto loan that is secured by the car as collateral. You have to schedule it as a secured loan on your bankruptcy schedule (part of your BK petition). The court will probably give the car to the lien holder. The lien holder can claim against your bankruptcy estate for any deficiency--that is the value of the lien, minus the value of the car, plus any costs incurred. If the car has little value, the lien holder may not even make a claim against your bankruptcy estate. But assuming its worth something, the lienholder would probably get title to the car back from the Bankruptcy court and could take it. Unless of course your state exemptions allow you to keep the car as exempt property, but i doubt this.
2006-09-01 16:39:06 · answer #3 · answered by William E 5 · 0⤊ 0⤋
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2016-12-18 03:26:14 · answer #4 · answered by ? 4 · 0⤊ 0⤋
i think if you had two cars. they could take the one you own but they have to leave one car.i think
2006-09-01 17:03:32 · answer #5 · answered by NONAME 3 · 0⤊ 0⤋