Bankruptcy?
Answers:
As long as you maintain payments on the truck you will be able to keep it. When you file bankruptcy you will need to Re-Afirm the debt with the Loan Company. Once you do you are agreeing to continue to pay as agreed. If you do not maintain the payments you will not be able to keep it.
Now there is another option you have instead of re-afirming. Generally your loan is for more than the truck is worth. The bankrutptcy will allow you to buy out the truck for the current value. So if you owed $5,000 but it is only worth 3,000 now, you can pay the courts the $3,000 and own the truck outright. The problem with this is you need to pay the courts right away or work with a lender who deals specifically in this. The lawyer you retain for your bankruptcy should be able to help you out with doing this.
Yes, you can probably keep the truck - there's nothing in filing BK that says you have to give up your current contracts, installment agreements, etc. - unless you are behind in the payments. If you're NOT current, filing at least buys you some time to get current and can stop any repo. I wouldn't pay anytihng on the credit cards and just get them discharged.
You should also check out the bk court forms for the bk court of your district- see if you apply for a waiver of the filing fees and such.
If it is your primary vehicle and you rely on it in order to earn a living (even if it is just to drive to work and back) they usually can't take it from you. However, if you are married and your wife also has a vehicle, they can. They only have to allow you to have one vehicle in your household. If you are really going to file, you should at least have a Paralegal assist you, if you cannot afford an attorney. They should be able to advise you in the best way to be able to eliminate your debt and still retain some assets. If you do not have over 20,000 in debt, I would really think twice before filing. Check into some of the debt management plans first. Bankruptcy stays on your credit report for 10 yrs, and a lot can happen in 10 yrs.
You can definitely keep your vehicle out of your bankruptcy. The best reason to file bankruptcy is to get rid of all of your unsecured debt (i.e. credit cards, medical bills).
Check out http://www.bankruptcycarloans.org/2007/0... for tips on how to get re-established after your bankruptcy.
First you really should have an attorneyif you are filing bankruptcy and this is a question he/she should answer. If they are not responding to you phone calls, then report the attorney to the local bar.
Typically, if you are current and insured on a vehicle and keep the payment current, then you will keep the vehicle.
However, once you file bankrutpcy, the car creditor will likely ask you to sign a reaffirmation. Depending on the car creditor, if you do not sign the reaffirmation, then they may take the car, although most will nto if you remain current.
Additionally, the court ahs to approve the reaffirmation. How this is done depends on your location. But if a judge think a reaffiration is bad idea for you, then the jduge may deny the rreaffirmation.
Also, depending on your vehicle, you may be agood candidate for a 722 redemption, your attorney can advise you on this and you can research it on the web.
Finally, losing a car in bk is not the end of the world, it may be chance to get rid of a really bad contract. Many people can get functional cars that are reliable adn dependable for about $2,000. But a an old toyota, that may not look pretty but runs well and this may be your best option
However, the best advice can be provided by your attorney who should know your case. If your attorney is nto helpful, file a bar complaint. If you did nto use an attorney for a bnakrutpcy, then this should explian toyou one of the reasons why that was a bad idea.
For your Bankruptcy issue, Try the following link -
www.911-legalhelp.com/Bankrupt...
You will not only get full information about bankruptcy but also get expert advice of affordable lawyers.
Best of luck
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...