What are the chances of losing my car in a bankruptcy?
- Asked By: admin
- Category: Bankruptcy Law
I dated a guy for 3 years that destroyed me financially (yeah–I know…stupid). Anyway–I’m trying to put my life back together again, and I’m going to file bankruptcy because I cannot get on top of the debt load by only being able to pay minimum payments every month. Problem is…that I will also have to put my car into this bankruptcy. If I do that–I will lose my car, correct? Is there a way to appeal this?
Jeff L
Posted 3 months ago
It depends on the car. I’d recommend asking a lawyer to assess – certain things are exempt (in terms of both debt and assets) so it’s best to have a qualified professional give you a private assessment.
voluntarheel
Posted 3 months ago
When my uncle filed for bankruptcy he lost his cars. He did get one back, though, he bought it back from the dealer…with cash, no credit.
Mye
Posted 3 months ago
backruptcy is not going to take your car away from you as long as you are still paying for it and you have a good paying history…… NOW, unless you place the car into the bankruptcy then there are possiblities….
The best thing to do in regards to this is to contact a lawyer that has free consultation and see what they state… they should be able to guide you in the right way….
lola
Posted 3 months ago
you’ll loose it if it is not being payed for. unless maybe one of your parents will put it under their names.
Girl C
Posted 3 months ago
i dont think so but if you lose your car the money you use you can pay more of and the extra money you can take the bus or bike or train
RICHARD
Posted 3 months ago
File a Chapter 13 bankruptcy
and
Do not include the car in the bankruptcy
Actually I would keep one credti card and the car.
That way once you have completed your BK
you will still ahve credit and be able to move on with your life.
I am a special finance Manager.
GOOD LUCK
…………………………………….
Maleficent
Posted 3 months ago
I would think you might be able to make a deal for a lower monthly payment to keep your car. Best guess is do your research and ask a bankruptcy lawyer. Good Luck and Good for you.
Doctor Timothy
Posted 3 months ago
Yep. You’re most likely going to loose your car. If I am correct, you will loose your house, and almost everything that you own.
cody l
Posted 3 months ago
i dont; think they are allowed to take your home or car away, so i dont think they will take it.
Andrew
Posted 3 months ago
I believe you keep your car, and if you still owe on it, you may have to work out some payment in the bankruptcy paperwork. But I have never heard of them taking away your only transportation, now if you have two cards, yeah they will probably sell one.
kitkat
Posted 3 months ago
idk im only 14 lol sorry i need points i dint even read what u wrote lol but good luck
Paco
Posted 3 months ago
Actually, it depends on what type of bankruptcy you file for. If you file for chapter 7, then more than likely you will lose your car. That is where you do not pay back anything. If you file chapter 13, you will more than likely just pay the trustees and they make your payments for you. Chapter 13, you have to pay some or all of it back. I had to file bankruptcy as well and did not lose my car as I filed Chapter 13. We didn’t qualify for chapter 7. Your checks will be garnished and what is garnished is sent to the “trustees” who make payments on all of your debt. Depending on the state, will determine the rules. Our timeframe for bankruptcy was set for 36 months (3 years). You just need to speak to your lawyer. Also, you will need to save up for the lawyer fee who will want it up front. We had to pay $700. All I can say is good luck and that all will eventually be well! Oh, and watch your finances from now on! =)
Kayleigh
Posted 3 months ago
Hey there, My parnter recently went bankrupt, we have a car which was bought for £1000 the year before, My partner declared that he needed it for work (He was un-employed at the time but was looking) He didnt get it taken off him. When you go to the bankruptsy hearing stress that you really need the car for work. It does depened on the individual case but we was quite a bit in debt and they havent taken ours, Bankruptsy sounds like such a big thing, quite scary but it seemed very straightforward to us and hasnt really effected our lifes (Other than obtaining credit, which we dont want anyway lol) Good luck!
crazyjester9
Posted 3 months ago
If you are still paying on the car you can reaffirm the loan and continuing paying on it. If it is paid off, it will depend on any exemptions you have in your state. If it is your only mode of transportation it’s likely that it would be exempt.
lois r
Posted 3 months ago
Chapter 7 Bankruptcy you can lose the car Chapter 13 you can keep the car. Chapter 13 is for people who do not want to lose their homes. If you filr for Chapter 7 you may be able to work something out with the lender if you have been making the payments.
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I dated a guy for 3 years that destroyed me financially (yeah–I know…stupid). Anyway–I’m trying to put my life back together again, and I’m going to file bankruptcy because I cannot get on top of the debt load by only being able to pay minimum payments every month. Problem is…that I will also have to put my car into this bankruptcy. If I do that–I will lose my car, correct? Is there a way to appeal this?
- Being Human DVD Box Set Season 3
- Big Shots DVD Box Set Season 1
- However, the most important problem that your product resolves might be different for males and females, different age ranges, or even Dodgers and Yankees fans
- Ralph Lauren Polo Outlet endure ages
- It makes me feel very uncomfortable about investing and trading in the US markets when the SEC does something like this
Jeff L
Posted 3 months ago
It depends on the car. I’d recommend asking a lawyer to assess – certain things are exempt (in terms of both debt and assets) so it’s best to have a qualified professional give you a private assessment.
voluntarheel
Posted 3 months ago
When my uncle filed for bankruptcy he lost his cars. He did get one back, though, he bought it back from the dealer…with cash, no credit.
Mye
Posted 3 months ago
backruptcy is not going to take your car away from you as long as you are still paying for it and you have a good paying history…… NOW, unless you place the car into the bankruptcy then there are possiblities….
The best thing to do in regards to this is to contact a lawyer that has free consultation and see what they state… they should be able to guide you in the right way….
lola
Posted 3 months ago
you’ll loose it if it is not being payed for. unless maybe one of your parents will put it under their names.
Girl C
Posted 3 months ago
i dont think so but if you lose your car the money you use you can pay more of and the extra money you can take the bus or bike or train
RICHARD
Posted 3 months ago
File a Chapter 13 bankruptcy
and
Do not include the car in the bankruptcy
Actually I would keep one credti card and the car.
That way once you have completed your BK
you will still ahve credit and be able to move on with your life.
I am a special finance Manager.
GOOD LUCK
…………………………………….
Maleficent
Posted 3 months ago
I would think you might be able to make a deal for a lower monthly payment to keep your car. Best guess is do your research and ask a bankruptcy lawyer. Good Luck and Good for you.
Doctor Timothy
Posted 3 months ago
Yep. You’re most likely going to loose your car. If I am correct, you will loose your house, and almost everything that you own.
cody l
Posted 3 months ago
i dont; think they are allowed to take your home or car away, so i dont think they will take it.
Andrew
Posted 3 months ago
I believe you keep your car, and if you still owe on it, you may have to work out some payment in the bankruptcy paperwork. But I have never heard of them taking away your only transportation, now if you have two cards, yeah they will probably sell one.
kitkat
Posted 3 months ago
idk im only 14 lol sorry i need points i dint even read what u wrote lol but good luck
Paco
Posted 3 months ago
Actually, it depends on what type of bankruptcy you file for. If you file for chapter 7, then more than likely you will lose your car. That is where you do not pay back anything. If you file chapter 13, you will more than likely just pay the trustees and they make your payments for you. Chapter 13, you have to pay some or all of it back. I had to file bankruptcy as well and did not lose my car as I filed Chapter 13. We didn’t qualify for chapter 7. Your checks will be garnished and what is garnished is sent to the “trustees” who make payments on all of your debt. Depending on the state, will determine the rules. Our timeframe for bankruptcy was set for 36 months (3 years). You just need to speak to your lawyer. Also, you will need to save up for the lawyer fee who will want it up front. We had to pay $700. All I can say is good luck and that all will eventually be well! Oh, and watch your finances from now on! =)
Kayleigh
Posted 3 months ago
Hey there, My parnter recently went bankrupt, we have a car which was bought for £1000 the year before, My partner declared that he needed it for work (He was un-employed at the time but was looking) He didnt get it taken off him. When you go to the bankruptsy hearing stress that you really need the car for work. It does depened on the individual case but we was quite a bit in debt and they havent taken ours, Bankruptsy sounds like such a big thing, quite scary but it seemed very straightforward to us and hasnt really effected our lifes (Other than obtaining credit, which we dont want anyway lol) Good luck!
crazyjester9
Posted 3 months ago
If you are still paying on the car you can reaffirm the loan and continuing paying on it. If it is paid off, it will depend on any exemptions you have in your state. If it is your only mode of transportation it’s likely that it would be exempt.
lois r
Posted 3 months ago
Chapter 7 Bankruptcy you can lose the car Chapter 13 you can keep the car. Chapter 13 is for people who do not want to lose their homes. If you filr for Chapter 7 you may be able to work something out with the lender if you have been making the payments.
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Pneumonoultramicroscopicsilicovo
Posted 3 months ago
1:1 and no there is no way to appeal this.