2006-09-10 04:18:20 · 8 answers · asked by inlove060305 1 in Business & Finance ➔ Credit
I think that depends on if your payments are up to date. If they are I don't think you have to include it.
2006-09-10 04:24:56 · answer #1 · answered by chi chi 4 · 0⤊ 1⤋
I filed a chapter 7 about 4 years ago and they did not take my car, but let me also mention I wasn't behind on payments and I continued to make the payments on time, every month.
If you are behind on payments and wish to keep the car, your lawyer should recommend a Chapter 13 (repayment plan) and in that he should be negotiating with the lender the actual value (bluebook) of your car and what you have owed on it; and in that case you should still be able to keep your car.
With car sales down .. most lenders don't want them back, so if you continue to make the payments -- they are happy with that.
I can't stress enough, while I am sure there are circumstances that would dictate that you turn the car back in (your lawyer can advise you on this), even in the case of a bankruptcy it is considered a "repossession", and will not look good on your credit along w/ a bankruptcy.
In regards to reaffirmation, my lawyer advised against this, as this defeats the prupose of filing bankruptcy. In a chapter 7 you must list ALL debts and nothing is exempt. I did not have to reaffirm the debt, and I kept paying on the car post-BK and now the car is paid off and all mine. No fuss.. no muss.
Hope that helps.
2006-09-10 05:06:44 · answer #2 · answered by CactusFlower 4 · 0⤊ 0⤋
You can reaffirm and leave the car loan the way it is, or if the payment is too high, you can ask to have it reduced.
The laws differ in different states. Some allow you to keep even a paid off car, no matter how expensive. Others say that if you have more than a few hundred in equity in your car it is sold for the equity.
2006-09-10 04:25:17 · answer #3 · answered by Catspaw 6 · 1⤊ 0⤋
You have to list the car loan as a debt and the car as an asset. You can keep the car as long as you continue to make the payments. Depending on who the loan is with, they may require that you reaffirm the debt in order to keep the car.
2006-09-10 04:41:21 · answer #4 · answered by WJVV 4 · 1⤊ 0⤋
Only if you want them to. You make keep the car and maintain the payments. If you put them on your list of defaults, you have to return the vehicle.
2006-09-10 04:25:39 · answer #5 · answered by Slimsmom 6 · 0⤊ 1⤋
It depends on which Chapter you file. In one case, you restructure your debt and make payments, but get to keep your things. In the other, you get rid of your debt, and they take your stuff.
2006-09-10 04:25:39 · answer #6 · answered by ink_collector 2 · 0⤊ 1⤋
They will sell the car, put the money into the pot, for payments, you will still be lible for the loan
2006-09-10 04:25:01 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Yes, they can take the car.
2006-09-11 05:19:15 · answer #8 · answered by Steve R 6 · 0⤊ 0⤋