Selling my car after a Bankruptcy !!
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
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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.Originally posted by Misty
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!
The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.
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