QUESTION
Who gets the gap insurance money from a car that was in a chapter 13 bankruptcy?
Asked on Jul 28th, 2017 on Bankruptcy - Colorado
More details to this question:
I had gap insurance on a car then filed chapter 13 bankruptcy and kept the car. Two years into bankruptcy, the car was totaled. I received money from my insurance company to replace the car after the accident but the finance company got the $6000 gap insurance that I feel I should have gotten to replace the car as well. My lawyer seems unsure what to do other than file a motion to give it to the court. What can I do?
1 ANSWER
The money goes to the car lienholder for the amount of the loan. Anything above that, if any, goes to you.
Answered on Oct 10th, 2017 at 5:10 PM