QUESTION

If file bankruptcy already have a levy against my vehicle that is financed if I keep the vehicle do I keep the levy too?

Asked on Nov 23rd, 2012 on Bankruptcy - Delaware
More details to this question:
Due to the mounting amount of creditors trying to get triple the amounts of the original debt and the lack of income increase I have I am wondering if bankruptcy is the only way to protect myself, my home, and vehicle..
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1 ANSWER

Bankruptcy Attorney serving Burbank, CA
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Do you mean a lien?  A levy generally has to do with seizing a particular asset.  Did a court order a repossession? If you file a bankruptcy it will discharge whatever debt you owe on the vehicle, and stop any collection actions, but if there is a valid lien against the vehicle, it will remain after your case is completed.   However, you can remove judgment liens under certain circumstances in a bankruptcy case.  There simply isn't enough information to answer your question.  You need to have a consultation with an experienced bankruptcy attorney in your area. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  
Answered on Nov 24th, 2012 at 9:55 PM

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