QUESTION
What is the best bankruptcy to file for a car loan garnishment?
Asked on Aug 22nd, 2012 on Bankruptcy - Indiana
11 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on several things: your income, your other debts, your goal for a bankruptcy. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Aug 28th, 2012 at 9:46 PM
If it has become a garnishment I will assume that they already have the car and this is a deficiency judgment. Auto deficiencys are unsecured, non-priority debt, just like credit cards or medical debt. That information, though, doesn't really say much about the best type of bankruptcy for you. I would guess it would be Chapter 7, but without knowing about your income, assets (including home, current car, cash, and all of your personal property), and the status of any secured debts like a mortgage or a current car loan, it is just an educated guess. Bankruptcy includes your entire financial situation at the moment you file and you should talk everything over with a qualified attorney to make sure, but I feel pretty secure in saying that you should look into a Chapter 7.
Answered on Aug 25th, 2012 at 1:32 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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It depends on your income and expenses so I cannot give you an answer.
Answered on Aug 25th, 2012 at 1:31 AM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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The best bankruptcy to file depends on all of your circumstances, not just one type of debt that you owe. You should meet with an attorney to discuss your assets, debts, income, and expenses, along with several other factors, in order to determine what would be best for your situation.
Answered on Aug 25th, 2012 at 1:30 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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It depends on many circumstances, including your income. The means test determines if you can file a C7 or a C13. Best to take all your bills, your last three years of tax return, 6 months of paystubs and get to counsel.
Answered on Aug 25th, 2012 at 1:29 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally, none. Bankruptcy is a last resort, seek counsel.
Answered on Aug 25th, 2012 at 1:29 AM
Milton Toro Marquez
It depends on many things, but a complete liquidation would be a Chapter 7 bankruptcy.
Answered on Aug 25th, 2012 at 1:27 AM
Barbara A. Fontaine
If you have a car loan, the car company has a security interest in the car, so if you file bankruptcy you either lose the car or have to reaffirm the debt and keep paying for the car.
Answered on Aug 25th, 2012 at 1:27 AM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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There is no bankruptcy that is better than the other. Every person has a unique situation that warrants review by a specialized attorney. That attorney will be able to indicate what your best options are after reviewing your situation.
Answered on Aug 25th, 2012 at 1:27 AM
Bankruptcy Attorney serving Washington, DC
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Law Offices of Diann C. Moseley
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Assuming you qualify, Chapter 7 is always the best in most circumstances.
You are not required to make monthly payments to the court and the process is usually complete in approximately four months, which means you are no longer under court supervision.
By comparison, a chapter 13 can take up to five years to complete.
Further, you are required to make monthly payments to the court appointed trustee who uses the money to pay down your debt.
Answered on Aug 23rd, 2012 at 9:33 AM
It depends on your unique situation.
Answered on Aug 23rd, 2012 at 9:33 AM