What happens to a car/loan when bankruptcy is filed?
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I am about to file, and have a car/loan that is still owed 30k. I don’t want to re-affirm that loan, and want to the car to be re-poed. Is the 30k cleared during the BK??
Well I want to get rid of the car, thats fine… But if I get rid of the car, am i responsible for the 30k still or does that go with the car?
I won’t need the car for anything, I have another lined up, much cheaper, and with a co signer. I just want to not be responcible for 30 k, or the kbb says its worth 24k… the 6k.
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Anonymous said:
Yes the debt you owe is "cleared" in the bankruptcy provided that you do not sign a reaffirmation agreement.. If you surrender the vehicle in the bankruptcy, any debt that you owe is discharged at the end of the bankruptcy. Discharged mean that you are no longer legally responsible for the debt nor can creditors attempt to collect it. Hope this helped
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0November 13th, 2009 at 5:17 pm
