Yes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it or take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.
When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.
YES, you can include it whether the payments are current or not.
The simple answer is no. If you are current on your car note, then this is not the issue that lead to the bankruptcy. That you are paying it current may have contributed to your financial situation, but on the surface it is not a reason to surrender the vehicle. Either do not list it or reaffirm it with the lender.
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
No
You have to make whatever payments are required as determined by the BK analysis, which should be lower than trying to make all your normal payments.
Yes. Or the lender could choose to file for the automatic stay to be lifted and if granted proceed with foreclosure action before the BK is discharged. _________________________________________ If a person is current on the payments, and stays current, there is NO violation of the mortgage contract, and the lender would not foreclose. Miss a payment or two, and it will be treated as any other delinquent account. But until then, the status quo is maintained, the Chapter 7 not relevant.
A chapter 13 MIGHT work if you have the ability to keep your payments current after filing the Chapter 13 and then repaying the past due amount over a period of 3 to 5 years. You ability to find a new lender to refinance the existing loan will depending on your cash flow, equity and ability to pay. You shoulld contact mortgage broker and a bankruptcy attorney to discuss all of the options.
You can keep your home in a chapter 7, if it is determined that you do not have an equity position in your home that succeeds your state's statutory exemptions, as long as you continue to be current on your monthly mortgage payments.
If, after meeting with an attorney, it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments.
Are you in default of the loan contract(INS)??? Did you reaffirm the debt?? Are you CURRENT on the loan?? Contact your B/K attorney for more info.
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments