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.
The correction of the common misconceptions about bankruptcy
While no one wants to be contemplating bankruptcy, sometimes factors beyond our control make it seem inevitable. However, there are actually several options other than bankruptcy. Bankruptcy is a big step, sharp, and should only be considered as the last option. First, to investigate all other options thoroughly.
Remember that if bankruptcy is the best or only option available for you, you still do not do it alone. Whether it is personal bankruptcy or business bankruptcy. The advice of a good bankruptcy attorney is vital to understand the laws in your state, because the bankruptcy laws differ from state to state. This person will be familiar with the process of filing a claim and be able to help get through the sometimes bewildering piles of paperwork.
Many people assume false things about bankruptcy. Here are some misconceptions common process, and the real truth.
Misconception # 1: When you file for bankruptcy, you lose everything
In fact, there several different types of bankruptcy. A qualified attorney can help you understand the difference between them. Depending on how you choose to file, can not lose anything at all. Many people to file for bankruptcy are actually able to retain all their property, and even catch up on overdue payments. Bankruptcy is a way to help cope with their debts, when it becomes impossible to do otherwise. More information about the options and choose what works best for you. You may be able to retain everything he has.
Misconception # 2: My bankruptcy will be made public knowledge
Bankruptcy is a matter of public interest, no one goes in search of such records. As Therefore, the only people that know about your bankruptcy are the people you choose to tell. Only your creditors will know, unless you decide to tell someone else. Their creditors are prohibited from telling anyone else. This makes your bankruptcy as public or private as a matter of your choice.
Misconception # 3: I will not be able to increasingly obtaining credit
Some people think that from the time of bankruptcy, all purchases are cash only. This is not true. The presentation put a mark on your credit report that lasts for seven to ten years, it is true. However, it is likely that is flooded with offers of insurance credit card and other offers to help you get your credit score back up. Be careful with them, however. They charge very high interest rates high and penalties. Careful use of these offers can help you get back on their feet, credit-wise, provided you do not overindulge.
Misconception # 4: Bankruptcy is very difficult or even impossible
Although recent changes to the laws have become much harder to declare bankruptcy than it used to be, that does not mean you can not do it. It is a tedious and difficult process, and a knowledgeable lawyer certainly helps. However, if you're educated and know your options, bankruptcy no must be a horrible experience. Remember that the more you know, the more power you have over your situation. The latest laws exist to prevent abuse, but do not prevent that people with legitimate needs to do file bankruptcy. Consult your attorney about any concerns you may have.
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My case has been discharged and I have a car I'm still paying, but in Annex D, I put the intention to deliver non-exempt vehicles. What do I do now? Do I have to give it up? I received a Volunteer Surrender "form signed by the lender. If I return, I have to pay anything else on that? The balance is $ 7700 and Kelley Blue estimates that about $ 4,000 for his courage. Any suggestions or ideas on this?
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