QUESTION
Can I include a repossessed car account on a bankruptcy?
Asked on Jun 27th, 2011 on Bankruptcy - Indiana
More details to this question:
Can I include a repossessed car account on a bankruptcy? It is worth $12,000.
7 ANSWERS
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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A deficiency for a repossessed car loan can be discharged in bankruptcy.
Answered on Jun 30th, 2011 at 10:16 AM
Bankruptcy Chapter 7 Attorney serving San Diego, CA
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Law Office of Asaph Abrams
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Vehicle deficiencies get eliminated in bankruptcy. They're often a major cause of insolvency. Blame it all on the car commercials... dramatic displays of professional racing on cleared-out roads, car bodies all reflective chrome and showroom shine, and the luxury-make's smug voiceover... they're the bane of the consumer-driver.
Answered on Jun 30th, 2011 at 10:07 AM
Chapter 13 Bankruptcy Attorney serving Beaverton, OR
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Law Offices of Alexzander C. J. Adams, PC
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Yes. This is now an unsecured debt (just like a credit card) and will be discharged in a bankruptcy under either Chapter 7 or 13.
Answered on Jun 29th, 2011 at 2:33 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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Yes. That's one of the benefits of bankruptcy. List all debts and they are all discharged.
Answered on Jun 29th, 2011 at 1:30 PM
Bankruptcy Attorney serving Seattle, WA
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Symmes Law Group, PLLC
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Yes, Repossessions may be included and discharged when filing bankruptcy.
Answered on Jun 29th, 2011 at 10:34 AM
Glen Edward Ashman
Unless you want to go to prison for perjury, you have to. All your debts and all your assets must be listed. Discuss this with your attorney and don't attempt this pro se.
Answered on Jun 29th, 2011 at 9:49 AM
Yes, deficiency on a repo'd loan is dischargable in bankruptcy.
Answered on Jun 29th, 2011 at 9:26 AM