What Happens to My Car When Filing Bankruptcy?

When filing for bankruptcy protection discount that there are things you do to protect ourselves. In most bankruptcy cases, whether a Chapter 7 or Chapter 13 bankruptcy filing, you will be able to own cars. If you pay vehicle as you did before filing for bankruptcy can keep and keep the car on a loan. Under a Chapter 7 or Chapter 13 is filed in California that you keep your car if it is paid in full, if you have a car loan and how bankruptcy can help in different situations allows details.

Chapter 13 / 7 bankruptcy and your car paid in full

In most bankruptcy cases you pay the entire car will be able to keep. California, two sets of exemptions to choose from when filing for bankruptcy protection. California Civil Procedure 703 rebate for a rebate of $ 3525 wildcard $ 23,250 total includes a discount to protect a car. So if you have one or more cars and vehicles combined value not to exceed $ 26,775, they can be protected. Wildcard exemption in mind that their bank accounts and other valuable assets like precious jewels in the funding of other assets as security for the place of use, the 23 250 dollar rebate will most likely be a complete wildcard will not protect other assets like cars available. California Civil Procedure 704 rebate $ 2,750 a vehicle, includes total relaxation. California Civil Procedure 704 homestead exemption to provide generous discounts and rebates equity in homes to protect the security of other assets are more limited.

Chapter 7 bankruptcy and credit cars with

If you have an auto loan and you file a Chapter 7 case selection, there are three options for dealing with car loans. If you car to keep your normal monthly payment each month and the car can continue to pay the car might want to spend. The car loan company to want to continue paying them after you reaffirm the bankruptcy is filed by an agreement to agree will be like.

If you can not afford the car loan and get rid of the car so the car can surrender or loan company may want to give back. If you surrender any car loan company car loan resulting from the surrender in the bankruptcy case is discharged. Once bankruptcy is filed and you want to surrender the car, the system should be given back to the car.

The last option is to redeem the vehicle for its fair market value. This option should be complicated and court approval. Its fair market value for a vehicle full of original car loan company car is worth, has not filed bankruptcy, what is owed on the loan must be paid at the time when redeeming. In most cases come with a lump sum payment is not an option.

With Chapter 13 and credit cars

In 2005 Congress reformed the bankruptcy code and car loans and their treatment in relation to filing a Chapter 13 bankruptcy laws have changed. When you have a car, car price usually decreases faster than you are paying for the car to buy. So after some time has passed, giving your car what the car is worth less. A Chapter 13 bankruptcy you fair market value below the amount you owe on the car if the car was purchased bankruptcy case was 910 days, which is about two and a half years can cram. Let's say you owe $ 15,000 on your car loan and car time you filed Chapter 13 bankruptcy case and bought the car in three years is worth only $ 8,000. Chapter 13 Plan Now for the car three or six depending on the circumstances will be able to pay $ 8,000 a year. Now you still have $ 8,000 to be paid in Chapter 13 plan must pay interest on. This is a very powerful to save money especially if you paid too much for the vehicle or a car loan with a higher interest rate is a way. Car loan company in the Chapter 13 plan may object to the price of the car. Eventually bankruptcy judge assigned to your case decided the cost of the car if the price of cars as there is a difference of opinion.

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