parted out my truck to bay loan..can i file??

[joedirt]

over the last few moths i have been selling off parts of my truck to pay my payment on the truck...times have been very hard lately,but i have been trying to keep afloat without filing bankruptcy...the motor was blown anyways....

the payoff on the loan is just about $11500.00...kbb says its worth about $8k...there isnt much left as ive been selling parts on craigslist..

im down to my last option as my house forclosed and the 2nd morgage is after me for $50k..and my credit cards are all maxed out...

am i still able to include my truck loan in the bankruptcy even though there isnt much left of it?..or is that fraud...what will happen if i go through with this bankruptcy with the truck completly parted out??

the motor tranny axles tires and wheels and a few body parts are missing.....will they just take whats left of it??...

[JRScott]

Make sure to mention this to attorneys you meet with and be open about it.



I'm not sure what to tell you, there are others I've seen come by here that have done similar actions, maybe they can stop and give you some insight.

[joedirt]

i talked with a lawyer over the phone today...he told me i could not claim the truck on my bankruptcy,....but he told me i should let the bakn repo my truck as it sets fully parted out,...then when they come after me for the owed money then i should file bankruptcy on the along with the rest of my debt....

does this sound right???

[JRScott]

It would work.

Basically let them repo it.

Then after they sell the parts or auction it off they'll make a bill for you on the deficiency balance. That balance would be dischargeable in a bankruptcy.

So yep what he said is true .