Posted on: 23rd Jun, 2009 05:03 pm
i turn in my cAR now will i owe the difference in what its worth?
Hi
Did you include the car loan in your bankruptcy? If you did, and now you want to turn the car over to your lender, you will first have to take your car out of bankruptcy listing. Then, you can give its title to the lender. If you are dealing with the car loan lender out of the bankruptcy, you will owe the difference. However, you can discuss it with the lender and request them to forgive the difference. If you turn the car over to the trustee, he will sell the car. You will get your exempt amount, while your creditors will receive the rest. The difference in this case, will be discharged. Nevertheless, I'd suggest you to discuss this with your bankruptcy attorney and take his advice on this issue.
Did you include the car loan in your bankruptcy? If you did, and now you want to turn the car over to your lender, you will first have to take your car out of bankruptcy listing. Then, you can give its title to the lender. If you are dealing with the car loan lender out of the bankruptcy, you will owe the difference. However, you can discuss it with the lender and request them to forgive the difference. If you turn the car over to the trustee, he will sell the car. You will get your exempt amount, while your creditors will receive the rest. The difference in this case, will be discharged. Nevertheless, I'd suggest you to discuss this with your bankruptcy attorney and take his advice on this issue.