When you file for bankruptcy, does your car get taken away? I know this may sound stupid, but I have no idea about these kinds of things.
2007-04-25 17:10:25 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I'm assuming that you have a loan out on your car. The loan that you have on your car is secured by the car so if you quit paying it they will take it away. If you keep paying the loan payments, they cannot take the car away. This does not change through the bankruptcy. However, if you WANT to get rid of your car loan, you can voluntarily give back your car and you won't own any more money on it.
If you do not have a car loan and you're just worried about them taking a car that you own outright, then they most likely won't be able to take that anyway. This depends on where you live and how much your car is worth. I live in Texas and here the exemption law simply says that you can keep one car per licensed driver in your household. Some other states have value limitations. If the state exemptions are less than favorable to you, you can always use the federal exemptions, which allow you about $3,000. The federal exemptions also contain a "wild card" exemption of about $8,000 (it doubles if you're married). You can use this wild card for the remaining value of your car, your house, bank account balance, whatever.
2007-04-27 10:31:05 · answer #1 · answered by nikkim79 2 · 0⤊ 0⤋
It depends on which chapter you file under. The new bankruptcy laws have made it much more complex to file bankruptcy and there are some strict eligibilities and exemptions that you will need to explore.
Check out this website which has some useful information about all this. If in doubt, consult a lawyer because without one you can easily make costly legal mistakes.
Good luck!
2007-04-26 11:22:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
My sister filed for bankruptcy and her car did not get taken away.
2007-04-25 17:18:12 · answer #3 · answered by †ღ†Jules†ღ† 6 · 0⤊ 0⤋
It depends on what kind of bankruptcy you file, and whether or not you still owe money on the car. You should talk to an attorney to see what your options are.
2007-04-25 18:10:36 · answer #4 · answered by Angel 2 · 0⤊ 0⤋
No. The B costs 2000 upfront. Be ready to refiance after a year cause you'll need to. Its just a way to reorganize to keep your house and structure your debts, howevermake sure late fees on your MP are included as ours were not, and the bank holding the note can come after you for that.The B lawyer may not be timely about your court date and its those late fees that get you. So go to court fast and good luck
2007-04-25 17:19:30 · answer #5 · answered by kim 7 · 0⤊ 0⤋
Hi,
I used "Credit Solutions" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://www.tkqlhce.com/click-1813149-10467845
2007-04-26 03:38:13 · answer #6 · answered by Kent 1 · 0⤊ 1⤋
yes sometimes
2007-04-25 17:13:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋