Until you receive a copy of this report, the trustee can come back and take assets, but only if you owned them at the time you filed. If you file for Chapter 7 bankruptcy, you will most likely be able to exempt (protect) some equity in your car, van, truck, motorcycle, or other motor vehicle. If you notify the court that you will surrender your car, this will get rid of your car loan. Instead, they can take the security deposit you paid when you opened the account. Redeem your car while filing Chapter 7 can make it so you only have to pay the actual cash value of your vehicle. If you file for bankruptcy under Chapter 13, you may need to provide your tax refund to the bankruptcy trustee so that they can use it to pay your creditors. So now I'm waiting also to get another car. This can be a great help to people who are very underwater on their car … If you can protect your car from the bankruptcy trustee, you must choose one of the options available in Chapter 7 for handling secured debt -- redemption, reaffirmation, or surrender. Can I Keep My Car If I File Chapter 7 Bankruptcy in 2020? The company is not obligated to release that lien since Chapter 7 only eliminates "unsecured" debt. Some states allow you to use either the federal exemption list or your state's list of exemptions; others require you to use only your state's exemptions. Take our screener or read our bankruptcy F.A.Q. A bankruptcy can also impact you if if you have a case against someone else. Common exemptions include homes, vehicles, personal property, household goods and appliances, but state laws vary. Your ability to do so will depend on: the vehicle equity; the exemptions available to you to protect it; if you’re current on your payment, and; whether you can stay current after bankruptcy. to … The article titled Can I Keep My Car If I File Chapter 7 Bankruptcy? Find out more about Chapter 13 bankruptcy. By doing this, you’ll receive more money each month and you can avoid getting a tax refund . For a Chapter 7 case, the filing fee recently was raised to $335. My bankruptcy was discharged in February and I have continued to make my car payments, yet on my credit report the lender has listed the loan as part of my Chapter 7. If you own a car worth $3,000, but you have $7,000 remaining on your car loan, you can pay the lender $3,000 to redeem the car and own it free and clear. In this article, you’ll learn about the pros and cons of reaffirming a car loan. You can file for another Chapter 7 bankruptcy only after eight years. Please explain why you are flagging this content: * This will flag comments for moderators to take action. Buying a Car During Chapter 13 BK. However, in some situations, you may be able to get your tax refund excused from being included in the repayment plan. So you have a vehicle that they do not want. How long will it take before I can qualify for a mortgage or a car loan? Keep in mind that a trustee will have expenses associated with selling the car. Can my car be repossessed in Chapter 7? In most cases, when you are delinquent on car payments prior to filing a Chapter 7, the lender will not work with you and will proceed to receive court permission to repossess the car. In Chapter 7, you also have the option of purchasing your car outright from your lender at the retail value of the car at the time your bankruptcy is filed. It's easy to get help. When considering Chapter 7 bankruptcy, most people want to know if they can keep their property. The car lender listed on my resent credit report under status: " Discharged through bankruptcy Chapter 7/ Never late. Learn more about property in bankruptcy. Only baddie I'm waiting on to clear up Is the car loan to update IIB. By Attorney Andrea Wimmer. Some people need to choose between Chapter 7 and Chapter 13, which can involve evaluating many factors. Chapter 7 bankruptcy wipes out many qualifying debts, but there is a catch—if you own too much property, the bankruptcy trustee can … a car). The short answer is maybe. I filed a chapter 13 then converted to a chapter 7. file 4-04-14 converted 2-25-15 discharge 6-16-15. However, the vehicle is not worth recovering in the eyes of the company. Understanding Repossession. To learn more about car repossession and your options for dealing with your car loan in Chapter 7 bankruptcy, see Chapter 7 Bankruptcy and Your Car. For instance, the trustee must pay off any car loan and cover fees and sales costs. Should I pay for someone to help me with credit repair post bankruptcy? Chapter 13 bankruptcy allows you to obtain court approval for a repayment plan in which you make payments on your debts over a three-to-five year period. In Chapter 7, you have the right to purchase or redeem your car from the creditor by making a lump sum payment equal to the car's fair market value. Do I still have to pay if my car gets repossessed? If the loan is over $1,000, then you need to file a motion with the Bankruptcy Court for an approval order. A car that qualifies is referred to as "exempt" property and will not be sold in order to repay creditors. If you plan to file for Chapter 7 in the next year, you can also avoid receiving a refund at all by adjusting your tax withholding so that you only pay the tax you owe. All of a debtor’s disposable income goes into the repayment plan during a Chapter 13 bankruptcy. 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