INTRODUCTION
In choosing their coursework, students are advised (but not required) to choose one of the five areas (advisory tracks) of study within
the finance concentration. To file for bankruptcy, you fill out a two-page can i sell my car in chapter 7 petition and a number of other forms. The corporate/international financial management track is designed to provide entry-level skills
for students interested in the financial management of a non-financial firm. Do not use the form to submit confidential, time-sensitive, or privileged information. He said that if I did that the trustee could sue the relative for return of the vehicle. When you surrender your car, you give it back to the car lender, and your entire liability on the debt will be discharged in your Chapter 7 bankruptcy. The creditor will either have to wait until your bankruptcy is over to repossess the car or file a motion with the court to allow it to do so.
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Homeowners are faced with chronic shortage of funds. Can i buy a house with bad credit if i can afford to pay the loan payments and. Given its wild popularity, the company has apparently can i sell my car in chapter 7 decided Americans aren't as prudish as we appear. Transactions shortly before filing, especially with relatives, are always suspect by trustees, so it is important to document such transactions carefully. Each state has a set of exemptions that can be used in bankruptcy. If you choose to redeem the car, you must offer to pay the car lender the current market can i sell my car in chapter 7 value of the vehicle in a lump sum, even if the value is less than what you owe. Fill out the form on this page to talk with a local bankruptcy attorney. If you cannot afford the monthly payments on your car loan or if you determine that you owe more than the car is worth, you can unload the car and the debt in your Chapter 7 bankruptcy by surrendering the vehicle to the creditor.
For example, in many states, furniture or a car is exempt to several thousands of dollars. The trustee will also look at your financial transactions during the previous year to see if any can be undone to free up assets to distribute to your creditors. The automatic stay immediately stops most creditors from trying to collect what you owe them.
You are not entitled to rely on this information as legal advice. A local bankruptcy lawyer can advise you on the benefits of redeeming your financed car and identifying lenders that will provide the funds for your vehicle redemption. You will also want to keep a good paper trail of how you spent the money. I believe the direction your attorney gave you by letter is that you should avoid making a "fraudulent transfer" of you assets. If you don t want the car back, chapter can wipe out your liability for a.
Tell your attorney to proceed and you will account to the trustee for the cash you received for the car. In short, debtors who want to keep their cars must pay the full loan amount rather than "cram down" the debt to the value of the car. As it turns out, any property owned by most Chapter 7 debtors is either exempt or is essentially worthless for purposes of raising money for the creditors. For example, you won't be able to use Chapter 7 if you already received a bankruptcy discharge in the last six to eight years (depending which type of bankruptcy you filed) or if, based on your income, expenses, and debt burden, you could feasibly complete a Chapter 13 repayment plan.
Usually the finance company does not get enough money from the auction to pay off your loan.This shortfall is called a "deficiency" and you would still be legally obligated to pay the creditor the deficiency balance. Many states have a wildcard exemption which you can apply to any type of property. Today I received a letter from the attorney saying that before filing I cannot transfer the vehicle to a friend or relative.
Arizona allows debtors to exempt up to $5,000 in equity. Cash loans with payday loan already cash within hours. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. If you're behind on your payments, the creditor can ask to have the automatic stay lifted in order to repossess or foreclose on the property. Other states allow you to apply any unused portion of the homestead exemption to other property. A chapter bankruptcy can also wipe out a second mortgage, although the lien.
If you have fallen behind on your car payments, you may be able to file a Chapter 13 bankruptcy to stop the repossession of your vehicle. This answer does not create an attorney-client relationship. I'd have to read the case docket to know if the case was closed or open after discharge. Other kinds of property are exempt up to a limit. The foregoing is offered for informational purposes only and it not legal advice.
You must compare your equity to any exemption amounts to find out if the trustee can take your car or not. Yes, there is nothing in the Bankruptcy Code that prohibits you from selling your vehicle after your Chapter 7 discharge. One important aspect when filing bankruptcy is whether you have a clear title to your car. To read more about selling or transferring assets prior to filing for bankruptcy, please see the article below. Some states allow bankruptcy filers to use the federal bankruptcy exemptions instead of the state exemptions. The trustee runs the meeting and, after swearing you in, may ask you questions about your bankruptcy and the papers you filed.
All case evaluations are performed by participating attorneys. For example, if you owed $10,000 on a car loan whose blue book value was only $5000, you would be required to pay the entire $10,000 balance if the car was purchased less than 30 months, or 910 days, of filing. Search, rentals listed by the property free rent apartment managers and updated daily. All Rights Reserved | Terms of Use | Privacy can i sell my car in chapter 7 Policy | Community Guidelines. We rank the best debt consolidation services with side by side comparisons.
Sue lives in Connecticut and has $2,000 in equity in her car. You attorney was concerned about clients who give away assets to relatives without getting "reasonable equivalent value" in return. However, trustee scrutinize sales to relatives much more closely. I am on disability and having a tough time financially. Tenant credit check, eviction record search and criminal record check as a necessary part in determining if your prospective tenant. This reaffirmation agreement binds you to the debt as if the bankruptcy had never happened.
I recently sold my car to a relative at the fair market value and am using the money to live off of. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service. He told me that he would file my case as soon as he received my final payment. Most states allow bankruptcy filers to protect can i sell my car in chapter 7 some equity in a car or other motor vehicle. If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information. What to expect at the s price point, homes from the 100s communities that offer s.
You and your partner complement each other perfectly, so why not choose wedding jewelry that does the same. I don't see any problem with what you describe. Thus if your relative had not paid a fair price for the vehicle, the trustee may be able to recover the vehicle, but would be required to pay to the relative the amount actually paid by the relative for the vehicle. You may be able to wipe out the lien in bankruptcy. The trustee (or the trustee's staff) will examine your papers to make sure they are complete and to look for nonexempt property to sell for the benefit of creditors. Sep top banks to refinance loan officer, interest rate, escrow, real estate there.
And the more assets the trustee recovers for creditors, the more the trustee is paid. I could not afford to keep my car anymore (ie. The provision of the bankruptcy code that we are dealing with is section 548 of the bankruptcy code. But if you find the above helpful in answering your question, kindly check the thumbs-up box below. You converted the property into cash at fair market value, regardless of who you sold it to, and then you paid your attorney and are living off the balance. In order to use the car equity to repay your creditors, the bankruptcy trustee must sell the car at auction.
Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. This article assumes you own your car free and can i sell my car in chapter 7 clear, or are current on your car payments. You can't file for Chapter 7 bankruptcy again for can i sell my car in chapter 7 another eight years from the date of your filing. The trustee's primary duty is to see that your creditors can i sell my car in chapter 7 are paid as much as possible on what you owe them. The most common examples of collateral are houses and automobiles.
However, if you are current on your payments, you can keep the property and keep making payments as before -- unless you have enough equity in the property to justify its sale by the trustee. The attorney does not know the details of the questioner's specific circumstances other that what he/she has offered in the question. You must also file a certificate showing that you have completed credit counseling with an agency approved by the United States Trustee.
The doctor was on vacation and his staff doesn't know anything.
