Hello,
I cant help to wonder what would happen if i just decided to hide my car or just take it apart and then delcare bankruptcy? given that i still owe 27 thousand on it and also they bank is suppoused to repo it this week..... anyone????? i wouldent do this but just wane know about the laws and what not
2007-01-11 07:30:06 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Your car is a Secured Debt, that is if you don't pay on it they can take it back. I wouldn't try to hide it as they will eventually find it. If you say they are going to take it this week they probably already are watching the car.
You can keep it if you declare BK but you still need to make the payments on it.
If you take it apart and say you no longer have the car since it is a secured debt the BK Courts will not allow that debt and you will still be responsible for the amout(or produce the car). In actuallity they might throw out the whole BK and throw you in jail for fraud. You actually think you are the first person to think of something like that???
As others have said any way you try something like this you are looking at some serious Legal issues.
2007-01-11 07:43:30 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
You would be looking to some serious legal consequences. What you are considering is called Grand Larceny because of the amount owed. That would be called a felony and some serious jail time could result. Definitely not worth it, if you can't keep the car then tell the bank and see what you could work out. If they repossess it then let that be what happens.
2007-01-11 15:41:41 · answer #2 · answered by Nancy W 3 · 0⤊ 0⤋
Let them take your car!!!! They are going to be a lot easier on you if you make it easy on them. They really don't want your car, cause you probably owe more than what it is worth. The bank can come back after you if they sell it for less than what you owe on it as well.
Save some cash and buy a small cheap car ($2000, if that) and pay off your bills.
2007-01-11 15:40:32 · answer #3 · answered by Jo 6 · 0⤊ 0⤋
You may be able to file bankruptcy and make an agreement with the bank to "re-affirm" the debt. Meaning you can keep the car and make payments accordingly. Even if you are way behind they may agree because you would be lowering your debt to income ratio alot from the bankruptcy and be able to afford the payments now. Most times banks will work out a payment plan suitable for both parties even when it comes to bankruptcy. hope this helps
2007-01-11 15:36:53 · answer #4 · answered by bizzie 2 · 0⤊ 0⤋
Since you are too irresponsible to pay your bills, you think you come ahead by destroying the car. The only thing you do is drive up interest rates for the rest of us. Loser.
2007-01-11 15:36:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
it depends on the bank, but my bank sent an repo officer out who said that he had a warrant for my arrest unless I told them where the car was.
2007-01-11 15:39:35 · answer #6 · answered by Angel82 2 · 0⤊ 0⤋
Let me be blunt: You will be arrested. Legally, the vehicle is theirs until paid in full. Let them take it, and be a gentleman about it to avoid any further problems for yourself.
2007-01-11 15:39:37 · answer #7 · answered by Jennifer 2 · 0⤊ 0⤋
they'll find it sooner or later.... u can't hide forever.
2007-01-11 15:33:43 · answer #8 · answered by laydenirvine 4 · 0⤊ 0⤋