Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
Of course, it won't legally be your car however.
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
Sure
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
Of course, it won't legally be your car however.
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
If the car is being repoed then you owe something.
You will have to ask your bank about that. They are in control now.
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.
not if you still owe money on it
Can you file bankruptcy if you caused a car accident?
if i get my car repossessed, can they put a llien on the house?