QUESTION
If I want the car to be put in the bankruptcy, do I need to wait a very long time?
Asked on Feb 26th, 2013 on Bankruptcy - Delaware
More details to this question:
Please any insight will help. I bought a car 16 months ago. I did not realize it was putting us in a bind until I noticed we had been living on credit cards for the 16 months for everything. I want to file bankruptcy but am scared.
12 ANSWERS
Go see a good bankruptcy lawyer. I can give some referrals. You can keep the car if you can afford it.
Answered on Apr 01st, 2013 at 2:43 AM
Based on the information provided, you can place a car in bankruptcy at anytime however you will have to give back the car.
Answered on Mar 04th, 2013 at 7:17 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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There's no time period you can surrender the car in a bankruptcy.
Answered on Mar 01st, 2013 at 11:33 PM
Someone who qualifies to file bankruptcy can make the decision to keep their vehicle and continue to pay (typically by reaffirming the debt) or they can return the vehicle & owe nothing. It doesn't sound like your situation is very unusual, but you will need to IMMEDIATELY STOP using your credit cards and figure out if you can qualify to file Bankruptcy.
Answered on Feb 28th, 2013 at 7:26 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Yes the car can be included in the bankruptcy. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Feb 28th, 2013 at 11:41 AM
Deborah F. Bowinski
I don't understand what your concern is. You can certainly file a bankruptcy case and surrender the vehicle. You must, in fact, include all your debts when you file. The choice becomes whether you wish to continue making loan payments or whether you prefer to surrender the vehicle. It is not clear to me what you would need to wait for, do you mean applying for a different loan for a replacement vehicle?
Answered on Feb 28th, 2013 at 11:39 AM
Many people are scared of bankruptcy. But like most things, this is because it is unfamiliar to them. In your case, it sounds like by "...the car to be put in the bankruptcy.." you mean you would like to stop making the car payments because the payments are too expensive. If you were to file a Chapter 7 bankruptcy, you could get rid of your *personal *liability on the vehicle, but the car loan company would still have a * secured* interest in the car. This means that they could no longer sue you for the lack of payments, but they could come repossess the car. Essentially, you can't keep the car AND get rid of the car loan. The bottom line is that you could file bankruptcy to get rid of your personal liability on the car loan and walk away from the car if you chose to do so. Now, if you were to file a Chapter 13 bankruptcy, you could *cram down *the value of the car from the amount you owe, to the amount it is worth (check Kelly Blue Book value) and pay that amount off over three (3) to five (5) years. However, to do this, you would need to have purchased the car over 910 days prior to filing for the bankruptcy (about 2.5 years).
Answered on Feb 28th, 2013 at 11:38 AM
You can file bankruptcy irregardless of when you purchased the vehicle. If you want to surrender the car, a Chapter 7 is probably your first choice (assuming you otherwise qualify for it).
Answered on Feb 28th, 2013 at 8:48 AM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You can probably be helped, but you should consult an experienced bankruptcy attorney.
Answered on Feb 28th, 2013 at 8:47 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
2 Awards
IN NJ; if you want to surrender the car, you can do so through the bankruptcy. See a local bankruptcy professional.
Answered on Feb 28th, 2013 at 8:46 AM
Bankruptcy Attorney serving Dallas, TX
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Polk & Associates
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You're allowed to file bankruptcy any time you want to. Different rules will apply to different debts during different time periods, but there is not an overall rule that says you aren't allowed to make the filing.
Answered on Feb 28th, 2013 at 8:46 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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As soon as you file you can stop paying or stop sooner if you don't plan on keeping the car.
Answered on Feb 28th, 2013 at 8:45 AM