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In chapter 7 bankruptcy after surrendering your car are you still responsible for the remaining balance after the bank sells the car?
Wiki User
∙ 15y ago
No. The balance is an unsecured debt and is discharged. Sometimes people do not do the paperwork correctly, which can cause problems.
Wiki User
∙ 15y ago
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You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
Is a person responsible for the remaining balance of a reaffirmed car loan when it is voluntarily returned to the dealer after a bankruptcy?
Yes. When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate. Also, the debt in this case is post-peition.. as in it came about after the date of filing.
What web site do I go to for a car that was in bankruptcy and there is a remaining balance?
Thougth this website www.ehow.com/about_4579159_car-repossession.html You can get all the information about the bankrupty of the car and also remaining balance.
We did not reaffirm our van in the bankruptcy and kept making payments if we surrender it to the bank are we liable for the balance after auction?
If you did not list it in your BK, you will be responsible for any outstanding balance that is not recouped in the auction. Yes. Secured property is not dischargeable in any bankruptcy filing. ------------------------------ If you included it in the bankruptcy, but just didn't reaffirm it, you won't be responsible for any balance.
If you are an authorized user on a credit card and the holder files bankruptcy are you responsible for their balance?
No, authorized users are not responsible for debt incurred on such an account.
I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?
The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
If you let the lender keep your car and they resell it are you still responsible for the remaining balance?
Read your contract. In 99% of the repos , YES, you still owe the balance due.
If you filed for bankruptcy would the cosigner of your auto loan be forced to take over payment?
The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.
Can you include the remaining balance of a repossession on a Chapter 7 bankruptcy?
Most folks do so. Ask your B/K attorney for state/case specific advice. Yes
