QUESTION
Am I still liable for my car payments after the car lot file bankruptcy?
Asked on Sep 06th, 2012 on Bankruptcy - Michigan
12 ANSWERS
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Yes, it to whoever. It's the account.
Answered on May 28th, 2013 at 8:40 PM
Yes.
Answered on May 22nd, 2013 at 3:58 AM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Yes.
Answered on May 22nd, 2013 at 3:58 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Someone, probably the trustee is entitled to the money. Continue to make your payments unless the bankruptcy court tells you not to pay.
Answered on Sep 14th, 2012 at 5:19 PM
Real Estate Attorney serving New Port Richey, FL
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Jay W. Moreland, P.A.
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Yes. Filing a bankruptcy does not eliminate your obligation to pay the debt. The debt is an asset to the bankruptcy court and the right to collect can be enforced by the bankruptcy trustee (including repossession of the car for failure to pay the car payments) or it can be sold to someone who can than enforce the debt in court. The trustee can also abandon the debt which means that the trustee determined that the debt wasn't worth the effort to collect it. So it is possible that no one will actually pursue you for the debt, but not real likely.
Answered on Sep 14th, 2012 at 4:39 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Yes, especially if you do a reaffirmation agreement and it is approved by the court.
Answered on Sep 13th, 2012 at 11:08 PM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes. However, you could contact the trustee to see if you could negotiate a better deal for yourself.
Answered on Sep 11th, 2012 at 3:27 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Yes. This is a contract that you signed. The contract will be sold to others who will sue you to collect the debt.
Answered on Sep 11th, 2012 at 3:27 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Yes, your debt to the car lot is an asset of the bankrupt and still a valid obligation.
Answered on Sep 11th, 2012 at 3:26 PM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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If you reaffirm the loan on the motor vehicle after filing a Chapter 7 Bankruptcy you would be liable.
Answered on Sep 11th, 2012 at 3:24 PM
Yes. Your loan obligation is an asset of the car lot which would have been assigned to the bankruptcy trustee and then to a creditor. The contract does not change. Only the name of the lender you make payments to. Make sure you are paying the right party.
Answered on Sep 11th, 2012 at 3:22 PM