I am currently in the process of filing a Chapter 7 bk right now and i live in Oregon.
I have a auto loan that is about 2 years old on a 7 year loan. The car is worth about $11,000 and I owe around $15,000. The attorney told me there is a chance I may be able to keep the car, and work out a deal with my financing company but, I'd perfer not to.. I've made enough mistakes with financing and making payments, I'd rather just start over.
My attorney also told me, if I wanted to just get rid of the car, I would get like $2000 or something like that from the equity or from the payments I've already made, I don't quite remember. Is that true?
How exactly does the liquidation of secured assets work and is there really money that will be sent my way? And on a side note, my car has an unconditional guarantee from a dealership on it. Will I be protected from a lawsuit from the dealership when I file a chapter 7?
I have a auto loan that is about 2 years old on a 7 year loan. The car is worth about $11,000 and I owe around $15,000. The attorney told me there is a chance I may be able to keep the car, and work out a deal with my financing company but, I'd perfer not to.. I've made enough mistakes with financing and making payments, I'd rather just start over.
My attorney also told me, if I wanted to just get rid of the car, I would get like $2000 or something like that from the equity or from the payments I've already made, I don't quite remember. Is that true?
How exactly does the liquidation of secured assets work and is there really money that will be sent my way? And on a side note, my car has an unconditional guarantee from a dealership on it. Will I be protected from a lawsuit from the dealership when I file a chapter 7?
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