QUESTION
Will I be responsible for a deficiency balance after a chapter 13 bankruptcy?
Asked on Mar 14th, 2011 on Bankruptcy - California
More details to this question:
I am filing chapter 13. We are surrendering our motorhome as part of the chapter 13. The bank just called and said I may get a Deficiency Balance letter on the difference between what it is sold for at auction and what the loan balance is. Will I be responsible for this deficiency?
4 ANSWERS
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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Based on the information you provided, if your Chapter 13 plan is approved, you complete payments on the Chapter 13 plan, and receive a discharge from the court,you will not be liable for any deficiency on the motor home loan.
Answered on Mar 17th, 2011 at 1:15 PM
If you are eligible for a discharge and you see the plan through to the end, you will not be liable for an deficiency balance.
Answered on Mar 16th, 2011 at 1:27 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Not if you complete your Chapter 13 plan successfully and receive your discharge. Besides, the bank should not be calling you if you already have an active Chapter 13 case, unless you're trying to represent yourself. If you are trying to represent yourself, you should not do it.
Answered on Mar 16th, 2011 at 12:59 PM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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NO, NO, NO (but they are entitled to file a claim in the Chapter 13 case for the deficiency and be entitled to a pro-rata share of the amount you are going to be paying tall the unsecured creditors in the Plan, if any.
Answered on Mar 16th, 2011 at 12:43 PM