Posted on: 12th May, 2010 12:02 pm
hi,
i'm considering filing bankruptcy and i have not consulted an attorney yet, however i'm concerned about my car. i bought a 2008 toyota yaris,in early 2009, financed for five years through my credit union. i, will have no problem paying my car payments, since they are at reasonable rates and the reason i would file would be my credit card debt, but i'm wondering if they try to make you give up your car.
thanks.
i'm considering filing bankruptcy and i have not consulted an attorney yet, however i'm concerned about my car. i bought a 2008 toyota yaris,in early 2009, financed for five years through my credit union. i, will have no problem paying my car payments, since they are at reasonable rates and the reason i would file would be my credit card debt, but i'm wondering if they try to make you give up your car.
thanks.
Hello bamasparkles,
Whether or not you will have to give up your car if you file bankruptcy depends on the chapter under which you will be filing the bankruptcy. If you are filing bankruptcy under chapter 7, then you will have to give up non-exempt property to the trustee. The trustee will in turn use it to pay off your creditors. However, you can keep any kind of secured property if you had been current on that, and continue making payments on it.
Under chapter 13, you can keep your personal properties like your home or car, if you can make the payments.
Thanks,
Sandra
Whether or not you will have to give up your car if you file bankruptcy depends on the chapter under which you will be filing the bankruptcy. If you are filing bankruptcy under chapter 7, then you will have to give up non-exempt property to the trustee. The trustee will in turn use it to pay off your creditors. However, you can keep any kind of secured property if you had been current on that, and continue making payments on it.
Under chapter 13, you can keep your personal properties like your home or car, if you can make the payments.
Thanks,
Sandra
Hi,
Is it really necessary for you to file bankruptcy?
If you can afford paying the credit card debts then try to negotiate with your creditors and settle the accounts. You can also go for debt settlement. There are many companies who helps to consolidate debts. They negotiate with the creditors and try to give a good settlement offer. However, if nothing works for you then go for bankruptcy.
Is it really necessary for you to file bankruptcy?
If you can afford paying the credit card debts then try to negotiate with your creditors and settle the accounts. You can also go for debt settlement. There are many companies who helps to consolidate debts. They negotiate with the creditors and try to give a good settlement offer. However, if nothing works for you then go for bankruptcy.
Hi,
Is it really necessary for you to file bankruptcy?
If you can afford paying the credit card debts then try to negotiate with your creditors and settle the accounts. You can also go for debt settlement. There are many companies who helps to consolidate debts. They negotiate with the creditors and try to give a good settlement offer. However, if nothing works for you then go for bankruptcy.
Is it really necessary for you to file bankruptcy?
If you can afford paying the credit card debts then try to negotiate with your creditors and settle the accounts. You can also go for debt settlement. There are many companies who helps to consolidate debts. They negotiate with the creditors and try to give a good settlement offer. However, if nothing works for you then go for bankruptcy.