QUESTION
If I am starting Chapter 7, should I include my car but I owe some money?
Asked on May 27th, 2017 on Bankruptcy - New Jersey
8 ANSWERS
You should meet with an attorney about a 722 redemption. However, in most cases, if you want to keep the car you have to continue making car payments. You also have the option to surrender the car.
Answered on Aug 12th, 2017 at 7:20 AM
Hello - if you are filing bankruptcy, you MUST INCLUDE all your assets and all your debts. Otherwise, you can go to prison!
Answered on Aug 12th, 2017 at 7:20 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
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Yes, all debts are included in a Chapter 13. If you're going to keep the car, you can do a reaffirmation agreement, a 722 redemption or pay as you go. Talk to your attorney about which is better in your situation.
Answered on Aug 12th, 2017 at 7:19 AM
All property must be included whether paid off or not.
Answered on Aug 12th, 2017 at 7:19 AM
Bankruptcy Attorney serving Alpena, MI
at
Carl C. Silver Attorney at Law
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They are a creditor so it must be listed. The question is whether you want to keep it or not. This is your chance to dump it if it is worth less than you owe on it.
Answered on Aug 11th, 2017 at 7:17 AM
You MUST include your car even if there is no equity. I do not advise you try and muddle through a BK without an attorney.
Answered on Aug 11th, 2017 at 7:17 AM
1 Award
You must list all asset and all debts on your chapter 7. If you want to keep the car, stay current on the payments and process the reaffirmation agreement when the lender sends it to you. If you want to give back the car, stop making payments and give it back when they call and ask for it.
Answered on Aug 11th, 2017 at 7:16 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
You are required to include it, failure to do so is a felony.
Answered on Aug 11th, 2017 at 7:15 AM