If you convert your ch13 to a ch7 do you lose your vehicle? I am behind a couple of payments on my 13. I was in car accident last week and one of my cars was totaled. Will they take my one and only car left if we convert to a 7? If it is behind can you reaffirm? it has an outstanding loan of $5000
-
Last edited by bear30044; 09-29-2008, 04:49 PM. -
It depends on it's value. You may "pay through" but you have to be up to date, or reaffirm your loan. They won't take the car. If it is below 1k in value, it is excluded. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
It still has an outstanding loan of $5000Comment
-
If you wish to keep it, pay it up to date and pay through. If you don't reaffirm, they are likely not to want the car. They want your money not car. If you are POSITIVE you want that car, reaffirm the loan, but you then are stuck with it and cannot default. If you pay through and then can't afford it, you can let it go in the bankruptcy at a later time. 'HubOriginally posted by bear30044 View PostIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
-
What does "Pay Through" mean?Comment
Comment