Posted on: 06th Apr, 2009 12:20 pm
I just lost my job. I have a truck that is financed and do not care about keeping my house in florida. I have tried to sell for over a year with no luck. Will bankruptcy allow me to keep my truck and give back the house without them comming after my wife's sallary? Or my truck?
bankruptcy, will hold of the creditors for a while, maybe long enogh for you to find another job.
Hi rob,
Whether you would be able to keep your vehicle after bankruptcy or not will depend upon various factors. Some of the factors include value of the vehicle, how much you owe on the vehicle and whether you have defaulted on the payments at the time you file for bankruptcy. You will have to contact your bankruptcy attorney and he would help you in this issue.
Whether you would be able to keep your vehicle after bankruptcy or not will depend upon various factors. Some of the factors include value of the vehicle, how much you owe on the vehicle and whether you have defaulted on the payments at the time you file for bankruptcy. You will have to contact your bankruptcy attorney and he would help you in this issue.
There is less probability that your truck will be taken charge by the bank, but it can not be denied completely that they will. Truck is no a part of mortgage and if the lender gets less after property sale, there are chances that lender may win a judggement to sue. Generally they do garnish the wages.
Why don't you send forbearance letter that you have lost job and possibly getting new source of income as you have truck to support your income? You may avail either delayed or reduced repayments for up to six months if sanctioned.
Why don't you send forbearance letter that you have lost job and possibly getting new source of income as you have truck to support your income? You may avail either delayed or reduced repayments for up to six months if sanctioned.