Filing Bankruptcy In California
I live in California, if you declare bankruptcy can keep a car if you do not fall behind on payments?
It should include all debts in its petition bankruptcy, so you must include your car loan in the bankruptcy petition. The inclusion of the loan request does not mean that you will lose the car. If they are current on your payments, you can keep your car as long as you continue making payments. If you owe much more in the car than it's worth, it could be possible to do a "cram-down" on the amount owed so you only have to pay the actual value. In some states, there are companies that will contact you refinance an existing loan to do this cram-down. What happens is that you refinance your vehicle with them the value of the car. You have to pay a fee higher interest, but probably will pay less for your car. If you continue the loan with his original lender, you may be offered a reaffirmation "'Agreement. If you sign this, you agree to remain liable for the debt as if it was included in a bankruptcy. If you sign this, then do not payments to retrieve the car and legally you can sue for the balance due on the car. It will auction the car, and probably receive less than the car is worth, and you will pay the difference. If you do not sign the reaffirmation agreement, if you later decide you do not want the car, you may stop making payments and can return car without any damage to your credit below. If the car auction, you will not be responsible for the difference. No matter what, if you stop making payments, most likely repossess the car. I recommend using an attorney who only does the event of bankruptcy to file for bankruptcy. The laws have changed recently and someone who is only broken more likely to know the details of such changes. You can also file "pro se" or on his behalf, but you will not notice all the laws. The use of a lawyer to be your best bet. Many lawyers offer free consultations for the first visit. You can meet with several and then choose the one you feel most comfortable. Good luck.
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