I have a personal loan that I had to give up the title to my car for. I am thinking of fileing bancruptcy If I do file, what happens with my car? Can I get my title back? Do they take my car? This is what has me scared the most.
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Filed- 4/7/2006
341- 5/24 /06
Payments $110.00 a month for 36 months
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It depends on what chapter of bankruptcy you file under. If you file chapter 7, you would lose the car if you don't continue to pay on the loan or reaffirm. If you File chapter 13 you would enter into a repayment plan and would not lose your car.
-ViperState: New York
Filed: 10/7/2005 :(
341: 12/9/2005 :clapping:
Last day for Objections: 2/7/2006 :yahoo:
Discharge & Closed: 2/17/2006 :D :D :D -
If you turned over the title to your car as guarantee on a loan..............THEN THEY have a lien on the vehicle till the loan is paid in full............
If you file BK and try to discharge this loan in BK - they will take the vehicle.
You will have to reaffirm on the loan with them in order to keep your vehicle.....Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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To keep your vehicle, you'll need to keep paying as agreed. W/ the new laws, reaffirmation is required. If you don't reaffirm the stay gets lifted within 45 days of the 341 meeting.
You'll get your title back once you've paid the loan back in full. If you file ch. 13, the interest rate MIGHT get reduced, I'm not sure on that. If you file ch. 7 you'll probably need to just pay as agreed by the original contract.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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