After filing chapter 7 you did not reaffirm your car loan what happens now? answer. wiki user september 14, 2011 12:04AM.. Can you file for bankruptcy and not default on a title loan?
If you do this, you will not be responsible for the car loan after you are discharged from your bankruptcy. Likewise, if you are leasing a vehicle before filing for Chapter 7 bankruptcy, you will be permitted to walk away from your lease contract. Keeping Your Car in Chapter 7 Bankruptcy
Auto loans in Chapter 13 bankruptcy. The borrower would repay the car loan debt as part of the repayment plan, but the total amount repaid would depend on how old the car loan is, he says. Newer car loans. If the vehicle loan is less than 910 days old, the borrower must pay the full value of the car loan, says Gallegos.
What happens to your property depends on whether you file chapter 7 or chapter 13 bankruptcy. If you’re not sure which option is right for your situation, see "bankruptcy: chapter 7 vs. Chapter 13." Here’s what to expect based on which route you choose.
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What Happens to Car Loans in A Bankruptcy? – If you are leasing your car when you file Chapter 7 bankruptcy, you can choose to either continue making the monthly lease payments, or surrender the car back to the creditor. If you surrender the leased car, any obligation under the lease will be eliminated in your chapter 7 bankruptcy case.
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Bankruptcy offers a variety of repayment options, depending on the bankruptcy chapter you file. Chapter 7 bankruptcy. If your payment is current when you file and you can continue making it going forward, you should be able to keep your car in a Chapter 7 bankruptcy (assuming that you can protect all of the equity with a motor vehicle exemption , a wildcard exemption , or a combination of the two).
If you’ve got a lot of debt, bankruptcy is a way of sorting that out. But, you’ll only be accepted if you’re insolvent – the.