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Should I file bankruptcy now that I am a couple of months behind on my car payments (3), and small bills, while I am waiting for a temporary assignment? I just don't know when to tell the creditors when I will be making a payment, but, no assignment is usually longer than 6 months, and that the only REAL debt that I have.
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Trusts and Estates Attorney serving Jacksonville, FL
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Law Office of David M. Goldman PLLC
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Much more information is needed to make a decision like this. A bankruptcy lawyer will looks at your income and changes over the last 6-12 months as well as what will be happening in the future to determine what the advantages and disadvantages of filing right now would be.
Answered on Jul 13th, 2011 at 10:03 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If you are behind on car payments filing a bankruptcy will temporarily stop repossession. Eventually the creditor will get permission to go ahead with its legal rights in spite of the bankruptcy. You might want to explore chapter 13 as an alternative way to retain the car and other possessions.
Answered on Jul 12th, 2011 at 3:22 PM
Glen Edward Ashman
No one who has not seen your finances can answer this. Proper timing of a case can be the difference between the case going well or badly, so see a lawyer now to determine what is the best and most advantagous time to file.
Answered on Jul 12th, 2011 at 2:12 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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A car lender will repo a car that's late. If you can explain your situation and they'll wait, then great. But even bankruptcy can't save the car under these circumstances unless the lender is willing.
Answered on Jul 12th, 2011 at 1:11 PM
Samuel Lee Tucker
The determining factor in my opinion is how likely is it that the vehicle will be repossessed; secondly, when your assignment comes through, will you be able to catch up and keep current on the car note? If you plan/need to keep the car a chapter 7 would not really help as you would have to reaffirm the debt on the vehicle.
Answered on Jul 12th, 2011 at 12:20 PM