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After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
Wiki User
∙ 18y ago
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
Wiki User
∙ 18y ago
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What happens to your semi truck that is finacnced im a sole proprioter truck driver can you keep the truck to keep working when i file for bankruptcy?
You really need to speak with a lawyer about this. It's all dependent on the bankruptcy laws in your state, what chapter you're filing for, etc. If the vehicle has an order for repossession on it prior to when you filed for bankruptcy, you may not be able to prevent it.
If a sole proprietorship files a chapter 7 bankruptcy can they keep ther truck which is their business?
You need to let your attorney know that you wish to reaffirm the debt on the truck. In order to keep it, you have to remove the debt from bankruptcy protection, keeping in mind, that you can't seek protection from the debt for seven more years.
If you file chap 7 what will happen to your 2005 truck and 2003 car that are paid for?
It will depend on whether you have a house with equity or not, and on the exemption you can claim in your state or if you can use the federal exemptions, and on how much the vehicles are worth. Any equity amount not exempt will have to be paid to the trustee, or the trustee may be able to take and sell one or both vehicles. Talk to a bankruptcy lawyer in your state.
You just filed for Chapter 13 bankruptcy today and woke up to a tow truck repossessing your leased vehicle is there any way to get it back and do you have to catch up on payments first?
Yes and yes
Which truck companies filed bankruptcy in 2010?
Ford truckerz;)
Can you file bankruptcy on a truck repo past due loan?
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
Can you sue the repo man if he takes the truck after you filed bankruptcy?
(A): "Can you sue the repo man if he takes your truck after you filed bankruptcy?" (B): The answer is "No". The truck is the property of the dealer, or finance company, until your final payment to them is made, and the receiver in bankruptcy may not seize property of which title belongs to a second party (dealer or finance company). Chris
What can you keep during bankruptcy?
I kept my house & pick up truck
Will i be able to get a new car after i have dismissed my chapter 13 and where's the best place to go?
A good friend of mine was able to get a brand new truck right away after his bankruptcy was done, at Bill Pierre Ford in Seattle.
If you file chapter 7 bankruptcy and your truck is worth about two thousand dollars more than the property limit can they take your truck which is already paid for?
Yes, even though BK trustees are in general, reluctant to seize a vehicle, if the state or federal exemption does not protect it, it can be subjected to a forced sale.
I am co-owner on my brother's truck. I filed for bankruptcy and included the truck. What happens to the truck.?
If the truck loan was discharged in your bankruptcy, your brother would still be legally obligated to make the payment. This is why it is not a good idea to co-sign anyone's loans. If the bank doesn't trust that the person will pay, then I would follow their lead.
Can you get your truck back after it has already been repossessed if you file Chapter 13 in Michigan?
No, you cannot. If you declare any kind of bankruptcy, the bank knows hey are likely going to have to loose a percentage of their investment and will immediately auction off the collateral to the highest possible bidder to apply the proceeds to as much of the loan as possible so they can get the rest back through trustee payments, if at all possible. Nice thought, but sorry no go. A friend of mine had a similar theory, but banks have to look out for their loan collection.
