2007-06-17 12:54:15 · 5 answers · asked by Bradley D 1 in Business & Finance ➔ Personal Finance
Chapter 13 puts a vehicle into a plan where you can pay it off in the bankruptcy. Depending on when the vehicle was purchased, you either pay on the value or the original note.
Chapter 7 will allow you to reaffirm the original debt. You have to be current on the payments though. There are times when you can keep more than one car, depending on the equity in the vehicle. Under Federal Exemptions, you may be able to offset the equity with the "wild card" exemption. Under State Exemptions you may be allowed one vehicle per licensed driver as is the case in Texas.
But there are no free cars - so you either pay for it (whether though a plan or as you contracted), or you give it up. Consult your attorney for your specific situation!
2007-06-17 12:59:39 · answer #1 · answered by Gatekeeper 4 · 0⤊ 0⤋
NO! You are allowed to keep your home, car or truck when filing bankruptsy, asl long as you pay the payments. Continue to make you truck payments. Best Wishes and God Bless!
2007-06-17 20:06:48 · answer #2 · answered by Janice 10 7 · 0⤊ 0⤋
You would have to give the truck back . They would sell the truck, but you would not have to pay the shortfall between what you owed and what they got for the truck
2007-06-17 19:58:40 · answer #3 · answered by walt631 4 · 0⤊ 1⤋
What? No. They're going to repo your truck. If I were you I'd strip it down and sell it for parts my man...then maybe you won't have to file BK.
2007-06-17 19:57:17 · answer #4 · answered by koreanflash33 2 · 0⤊ 1⤋
No they wont pay your truck off. In bankruptcy you are able to keep one vehicle. anymore they wont pay off all your credit card debt either.
2007-06-17 20:02:28 · answer #5 · answered by chriswh90 2 · 0⤊ 1⤋