I'm going to file ch. 7 soon. All I have of value is my $2500 car. The letters from the credit card agencies have just begun to switch in tone from very polite to "more aggressive actions" etc. What exactly can they do? Can they take my car?
2007-11-07 03:33:50 · 3 answers · asked by george3 5 in Politics & Government ➔ Law & Ethics
Whether your car is exempt from the bankruptcy depends on the exemption laws in your state. Since you didn't indicate whether or not the car has a loan against it, and you didn't indicate what state you are in, no one here would be able to give you an informed answer.
Chapter 7 bankruptcy IS more complicated than it used to be. However, most honest debtors who need a fresh start are still able to file under Chapter 7. The intent of the credit card companies, who bought and paid for the bankrupcy reform act, really didn't work as they intended. The intent was to force most bankruptcies into a Chapter 13 filing, where a portion of the debts are paid. My experience is that 99% of the people who could file for bankrupcy under Chapter 7 before the law took effect, can do so now. It just takes longer and is more expensive.
A credit card company can't "take your car". I strongly suggest that you retain an attorney who is licensed in your state for more specific advice that is relevant to your state and financial situation. For a referral, contact your local or state bar association.
2007-11-07 04:52:30 · answer #1 · answered by Phil R 5 · 0⤊ 0⤋
Just b/c you file for a chapter 7 doesn't mean you'll get it. Laws have changed and it is much tougher to dump YOUR debt, besides it is YOUR debt and you should pay it back.
2007-11-07 03:51:15 · answer #2 · answered by Run Lola Run 4 · 0⤊ 1⤋
If you owe on your can, sure. Why not pay the money you borrowed, the money you promised to pay back?
2007-11-07 03:38:03 · answer #3 · answered by Dr Jello 7 · 0⤊ 1⤋