Selling my car after a Bankruptcy !! [Archive]

Misty

07-22-2004, 06:31 PM

HRx

07-22-2004, 07:08 PM

About a year ago I filed for bankruptcy but I kept my car still paying on it I was told at any time I can give up my car if need be . Well I am now wondering if I can legally sell my car and keep the money or is that something I can get into some trouble doing

You're free to do whatever you want with the car for as long as you did not sign any sort of contractual agreement with the lender requiring you to get approval of selling/surrendering the vehicle post-bk.

Since, it doesn't seem as if this is the case the only thing you need to be concerned about is insuring that you sell the car for the entire amount that you owe on it. Because if you don't the lender can collect on the outstanding balance owed.......which will in term be reflected on your credit report if you don't pay it.

If you need a car, be certain that you make the neccessary provisions to get into another vehicle even if you have to pay cash for a cheap vehicle. Because getting an auto-loan right after BK isn't an easy thing to do! You'll here stories of many people saying how easy it was for them to get an auto-loan immediately after BK. When the truth is less than 10% of people get approved right after BK.

Good Luck! :)



	Bankruptcy Forum > Before the Discharge > General Bankruptcy Talk > Selling my car after a Bankruptcy !! PDA Selling my car after a Bankruptcy !! Misty 07-22-2004, 06:31 PM About a year ago I filed for bankruptcy but I kept my car still paying on it I was told at any time I can give up my car if need be . Well I am now wondering if I can legally sell my car and keep the money or is that something I can get into some trouble doing HRx 07-22-2004, 07:08 PM About a year ago I filed for bankruptcy but I kept my car still paying on it I was told at any time I can give up my car if need be . Well I am now wondering if I can legally sell my car and keep the money or is that something I can get into some trouble doing You're free to do whatever you want with the car for as long as you did not sign any sort of contractual agreement with the lender requiring you to get approval of selling/surrendering the vehicle post-bk. Since, it doesn't seem as if this is the case the only thing you need to be concerned about is insuring that you sell the car for the entire amount that you owe on it. Because if you don't the lender can collect on the outstanding balance owed.......which will in term be reflected on your credit report if you don't pay it. If you need a car, be certain that you make the neccessary provisions to get into another vehicle even if you have to pay cash for a cheap vehicle. Because getting an auto-loan right after BK isn't an easy thing to do! You'll here stories of many people saying how easy it was for them to get an auto-loan immediately after BK. When the truth is less than 10% of people get approved right after BK. Good Luck! :)