If I File Chapter 13 Bankruptcy, Can I Still Keep My Car

1. Will I Be Able To Keep My Car If I File Chapter 13 Bankruptcy?

2. If I File Chapter 13 Bankruptcy? Normally, an individual is permitted to keep the cars and vehicles in Chapter 13. However, if your car payment or even the nonexempt equity in your car is extremely high, this might not be feasible. As per Queens Bankruptcy attorney, Chapter 13 plan permits a person to catch up on financial debt in case one is behind on their vehicle loan repayments. Attorney David Shapiro is an experienced person in this segment and says that a person can keep their property in a Chapter 13 bankruptcy, but must pay to their creditors over a time that might range from 3-5 years. But, if you will be able to keep your vehicle or not would depend on how fair your automobile payment is.

3. If I File Chapter 13 Bankruptcy? The nature of car loans and devaluation leads to reduced vehicle equity, and in case an individual has lots of nonexempt equity on the automobile, it could hinder their repayment plan under Chapter 13. The repayment schedule should show all your disposable income excluding the essential living expenses. The very best mode is to speak with a reputable Queens Bankruptcy attorney David Shapiro if you have a vehicle and are applying for Chapter 13 bankruptcy.

4. If I File Chapter 13 Bankruptcy? Filing for bankruptcy under a Chapter 13 might enable an individual to pay their vehicle loan at a less expensive rate so that they do not lose their automobile to collectors. One may make use of the bankruptcy laws to keep their automobile in case they are behind on vehicle repayments. One can file for Chapter 13 bankruptcy to have their automobile back, in case the lender has repossessed your automobile however not yet sold it. As outlined by Queens Bankruptcy Help, you must show to the court that you require a car to finish your bankruptcy and need it to drive to your job and can manage to pay for Chapter 13 plan payments.

5. If I File Chapter 13 Bankruptcy? There might be cases if your loan provider repossesses your vehicle and depending on the laws of your state, he will delay for a certain period of time. After that, he is free to sell your vehicle, but will give you a notice before doing so. Thus, in case the lender has sold the automobile already to a 3rd party, you won't be able to get it back in bankruptcy. However if he has still not sold the vehicle, one may always file for Chapter 13 bankruptcy to get their vehicle back.

6. If I File Chapter 13 Bankruptcy? If you apply for Chapter 13 bankruptcy, you could stop the lender from selling the automobile and catch up on the missed installments with the aid of a repayment plan. The moment you file your case, an automatic stay will forbid the loan provider from selling your vehicle. Which means that the lender will be unable to sell a car without acquiring permission from the court. In case you need a vehicle and wish to keep it under Chapter 13 bankruptcy, you must prove that you can manage to pay back the loan and make the repayment plan. But, the court must approve your plan and you are also needed to offer sufficient protection to the lender from devaluation.

7. If I File Chapter 13 Bankruptcy? Zelenitz, Shapiro & D'Agostino, P.C. 138-44 Queens Boulevard Queens, New York 11435 (718) 599-1111 http://www.queensbankruptcylawyers.com/