Is it ok to surrender my car back to the bank before my Chapter 7 Bankruptcy is finalized? I've already attended the hearing, I am expecting a successful Chapter 7 release soon but not sure exactly what date, I have the car listed on my Debtors Statement of Intention as "Surrender", the next car payment is due this Saturday, I don't have the money to pay it, will I jeapordize my Chapter 7 release by surrendering the car back to the bank now, should I wait until my release arrives in the mail, or does the timing of this not really make a difference?
2007-01-17 12:58:35 · 5 answers · asked by lepooche 2 in Business & Finance ➔ Personal Finance
You would not have any problems if you surrender the vehicle. As a matter of fact, if you keep the car after the payment due date, you do not have to make the payment, because the debt will be discharged. Just keep insurance on the vehicle until the creditor gets the car back.
2007-01-17 15:04:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Ch 7 financial ruin has to fulfill the 'ability attempt'. it truly is, you need to be quite bankrupt. in case you could meet your debt duties with changes, you'd be placed into Ch thirteen really. States decision, yet you would possibly want to properly be allowed to save in reality one motor vehicle. because you in reality bought the motor vehicle, there might want to properly be 2 concepts. a million) turn the motor vehicle over to the broking and sparkling the debt, 2) reaffirm the debt and pay the motor vehicle funds. There also might want to properly be a question about your understanding of filing Ch 7 previously you purchased the motor vehicle. that would want to properly be some thing you should describe and convince the decide. The 9 3 hundred and sixty 5 days CC stability? If this debt is 9 years previous, it would want to be previous the statute of barriers for a court docket ordered charge. they can nonetheless attempt to collect, yet won't be able to use the court docket equipment to record a declare. The declare had to were filed previously the statute of barriers ran out.
2016-11-25 00:19:24 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The "catch-all" exemption, assuming you don't own a home, should be sufficient to cover the car so that you can keep it. Depends on the car make model-year. I assume you are pro-se since you are asking here. You should ask an attorney. You may also "cram down" the car debt to the actual car market value. See an attorney.
2007-01-17 13:08:37 · answer #3 · answered by Anonymous · 1⤊ 0⤋
you should just call them and surrender the car.. we just finalized our chapter 7 and at the hearing they made sure we surrendered our car. ( we surrendered our car as soon as we filed for bankruptcy ) please tell me you haven't been paying your car payment while in bankruptcy.. if you are surrendering your car why pay them... they are going to get the car either way.. best bet just talk to your lawyer and ask when he/she thinks
2007-01-17 13:08:06 · answer #4 · answered by ♠ JƏSSƏ'S GiRL ♠ 3 · 1⤊ 0⤋
I would wait until the last possible minute. Yes, they will get it back but you can almost set the date you want to do it.
2007-01-17 16:54:54 · answer #5 · answered by JustAsking 2 · 1⤊ 0⤋