2007-04-24 07:50:54 · 11 answers · asked by ? 4 in Business & Finance ➔ Personal Finance
You are allowed to keep some property if you file bankruptcy but you will need a good lawyer to advise you. The new bankruptcy laws are very complicated and they are designed to deter people from simply walking away from their debts. Bankruptcy is an absolute last resort and you should explore all possible alternatives before you go this route.
Check out this website which explains what the exemptions are in the different chapters of bankruptcy. There's also some good sections on alternatives to bankruptcy and where to find a lawyer near you.
I hope this helps.
2007-04-25 11:29:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you paid cash for the car or put a large down-payment and have substancial equity the car may have to be sold and creditors paid with the proceeds. however if the car is financed and you owe more than the car is worth, which is probably the case, you can leave the vehicle out of the bankruptcy. it is also possible that if you include the vehicle in the bankruptcy the amount owing could be reduced and payments lowered. you need to consult a bk attorney for best options. basically you can keep your car.
2007-04-24 08:07:16 · answer #2 · answered by pianoskill 1 · 0⤊ 0⤋
For financial and credit subject I was search for solutions at this site: FINANCE-SOLUTION.US
RE I'm planning to file bankruptcy I just purchased a new car in 2006 will I have to give my car back?
#EANF#
2014-10-10 05:43:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, when you file bankruptcy, you can request a reaffirmation for your car, this way you will be allowed to keep your car as long as you keep your payments up. I know this, because I just went through bankruptcy myself, chapter 7. Life goes on after bankruptcy, I wish you the best.
2007-04-24 08:04:32 · answer #4 · answered by doc 6 · 0⤊ 0⤋
You would be better off getting rid of your new 2006 car and driving a more affordable older model. People who don't pay their bills should not be permitted to drive new cars.
What about all those creditor's you are sticking it to when you file bankrupcy? I wonder how many of them ride the bus to work so they can pay the rest of their bills.
I think the bank would be doing you a favor by reposessing your 2006 car.
2007-04-24 08:53:46 · answer #5 · answered by hagnik78 1 · 0⤊ 0⤋
before filing for bankruptcy talk to a credit counselor. Filing bankruptcy is going to totally ruin your credit for at least 7 years. If there is any way at all those debts can be paid, pay them.
2007-04-25 07:52:50 · answer #6 · answered by LB 6 · 0⤊ 0⤋
There is an outside chance it could happen....there are a lot of loopholes in the BK laws. Your attorney will be able to answer this for you.
But you can certainly bet you will have some upset creditors to deal with if you do get to keep it. And you will be expected to continue to make the payments...you won't get it for nothing.
2007-04-24 08:06:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
This would depend on what state you live in since bankruptcy in mainly governed by the state.
2007-04-24 09:32:29 · answer #8 · answered by VTXrider 3 · 0⤊ 0⤋
I hope they Repo that car...you foolish person.
DON'T LIVE BEYOND YOUR MEANS!
2007-04-24 16:34:52 · answer #9 · answered by pimpinrida05 2 · 0⤊ 0⤋
Yes...sell it before hun.
2007-04-28 03:19:04 · answer #10 · answered by Pepper 6 · 0⤊ 0⤋