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How Does This Work When You Are Filing Bankruptcy?
We found out that we have to see if we qualify for a Chap. 7 bankruptcy. Right now due to medical expenses we got behind on our car payment. They sound like they want to repo it but when we file & get the car company the bankruptcy file # do they have to let us keep the vehicle? We are thinking about keeping our car because we need our transportation to work. Does the car loan company have to wait to see if we are going to do a Chap. 7 or 13? How can we keep our car til we have the bankruptcy discharged? Thank you so much for your help. I'm a single mom & have 2 children. I am very scared & worried right now. Your help in this matter is really appreciated.
5 Answers
- Anonymous8 years agoFavorite Answer
If the car payment is not completely up to date, they do have the right to repo it. Borrow from your parents to get it up to date immediately. If they approve the bankruptcy, it will stay on your credit reports for 10 years
Source(s): Retired bill collector 35 years - bdancer222Lv 78 years ago
First, you need an attorney. Bankruptcy is not a do it yourself project.
Second, you can reaffirm the car loan and keep the car, but you will have to make all the payments. Otherwise, the lender will repo the vehicle. They will petition the bankruptcy court to allow them to take posession of the collateral. You will not be able to keep the vehicle and not pay for it.
- CatDadLv 78 years ago
I hope you have had a consultation with a bankruptcy attorney. Most are free. If you have not you need to do so right away. Filing for Chapter 7 is a fairly long process so don't wait till it's too late and they repo the car.
- 8 years ago
Just let the medical bills go to collection and pay the car payment. Or stop paying everything and move! If they can't find you then they can't take the car...I know someone who did this
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- 8 years ago
i agree with the other comment, you will need to see for an attorney for you to know what action would you take for, so that it would not be worst at the end.
