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Bankruptcy can erase car deficiency from auto repo?
7th July 2009
If I file for bankruptcy after my car got repossessed, do I still owe the deficiency the remaining balance of the car after it’s sold at auction?
Posted in: Auction FAQ | | Comments (4)
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If you file under chapter 11, the debt will be erased. So the answer is no.
Comment by iankelly1 — July 7, 2009 @ 11:27 am
no – I had a car repo’d which, along with other debts and losing my job forced me into bankruptcy – car loan debt was wiped out
couldn’t get another another car loan for 2 yrs, then rate was very high – had to drive junkers for those two yrs that I bought at one of those buy her, pay her car places
This is all depending on if you had the car repo’d before you filed for bankruptcy – if you had it repo’d later, you may be stuck with the debt
Comment by Doctor Deth — July 7, 2009 @ 11:27 am
You probably would not have to pay the difference if you file for a chapter 7 bankruptcy (depending on your net worth/assets).
I would recommend talking to a lawyer. Most of them will give you an initial free consultation.
Comment by Amy B — July 7, 2009 @ 11:27 am
If you file for chapter 7 after your car is repoed you will not have to pay the remaining balance. Also, if your car is repoed after you file and you did not reaffirm the loan you will not have to pay the remaining balance. For a chapter 13 you may have to make monthly payments on the remaining balance. (A chapter 11 is business reorganization bankruptcy.)
Comment by kariba — July 7, 2009 @ 11:27 am