i want to file for chapter 13 bankruptcy. i currently am financing a car. if i put my car in my bankruptcy, wi

i want to file for chapter 13 bankruptcy. i currently am financing a car. if i put my car in my bankruptcy, will i lose it?
i want to file for chapter 13 bankruptcy. i currently am financing a car. if i put my car in my bankruptcy filing, will i lose it? i want to include it because i simply can’t afford to pay it.

StumbleUpon It!

Technorati Tags: ,

Posted January 22nd, 2010 in Bankruptcy Q and A. Tagged: , .

7 comments:

  1. DebbK:

    Yes. You can however declare you intend to keep the payments going with the lender. They need to know in advance, and you will have to pay for the lender’s lawyers fee. Usually around $250-$300 dollars. You then continue to make payments as agreed.

    Been there.

    January 22nd, 2010 at 8:15 am
  2. bdancer222:

    If you file, you have to include all your debts. The trustee will workout the payment arrangements. You won’t lose the car. You’ll probably get some of the interest removed.

    January 22nd, 2010 at 8:15 am
  3. Rick B:

    Why would you file for bankruptcy? Don’t walk away from your debts.

    Call all of them and work out a payment plan and try to get your interest lowered or stopped.

    Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.

    You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don’t eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.

    Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.

    Go to the library and get "The Total Money Makeover". Read it and follow it carefully.

    Go check out Dave’s website as well. Yahoo is blocking his site again, so take out the spaces in the following:
    www. Dave ramsey. com

    January 22nd, 2010 at 8:15 am
  4. rbdb3437:

    if you want to keep the car, let yor attorney know that you want to reaffirm it. you shouldn’t have any problem then. we’re in indiana, had to file, and we reaffirmed on our van and house. we got to keep both and are continuing to make the payments. i don’t know if the laws are different elsewhere. just make sure you let your attorney know, when you file

    January 22nd, 2010 at 8:15 am
  5. wisegirl74:

    The way I see it, if you are filing for bankruptcy then you cannot afford a car payment. If you sell the car, and then you will owe the bank a remainder amount, then this residual should be put towards the bankruptcy. If you include the car in the bankruptcy you will lose it. This way you can at least make some money of the vehicle and get yourself a little hoopdy to get around. Look up dave ramsey the total money makeover book it is excellent, you can also go to his website and listen to his show.

    January 22nd, 2010 at 8:15 am
  6. keekee0914:

    If you’re filing chapter 13 you don’t have to reaffirm it with the creditor, because if you default on the reaffirmation the debt can no longer be protected under the bankruptcy. Just get with the trustee and they will help you devise a payment schedule for the arrears. Keep in mind that you have to be in a situation to start making the normal scheduled pymt. plus the pymt. on the arrears. The only reason this usually work is because it’s all one arrears pymt.(car,credit cards, etc.) whatever debt you’re including in the bankruptcy rather than a bunch of them, and you can usually spread it out over 5yrs. Filing chapter 13 is not getting out of paying your bills, but actually a way of getting back in control. Chapter 7 is when you say screw everything and pay nothing, so don’t pay attention to that other msg that was saying put this toward this and that. As a matter of fact once you file…starting the very next mth once you start the pymt. plan you are starting anew and ontime with your debts once again, all while paying on the past due that has been put on the back burner so to speak.

    January 22nd, 2010 at 8:15 am
  7. Jennifer:

    Hi,
    I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio

    January 22nd, 2010 at 8:15 am

Leave a response:

-->