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In some cases, purchasing a vehicle prior to filing a bankruptcy may help to lower your disposable income which may result in either a Chapter 7 or a lower payment within a Chapter 13 Plan. Whether this may benefit you, in particular, is difficult to say because each client possesses specific issues that truly have [...]
Continue Reading →Question:
Prior to filing bankruptcy, should we do a balance transfer of the remainder of our car loan on to a credit card so we will not have car debt after filling?
Answer:
Can you, yes; should you, ABSOLUTELY NOT! There are two problems with the proposed action (1) it’s fraud, and (2) probably doesn’t [...]
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My husband and I were discharged in Chapter 7. If we will return the car, can the financing company collect the deficiency if there is any? Thanks.
Answer:
So long as you listed the car loan in your bankruptcy petition, did not reaffirm the loan, and the lender did not file some sort of [...]
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I have filed a Chapter 7 bankruptcy back in Oct 2007 and the case was discharged in Feb 2008; I did not re-affirm my car; I just simply kept paying the payments (ride through and retain). My credit report does show GMAC (the lender) as included in Bankruptcy and no longer reports [...]
WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
“For those thinking about buying a new car [...]
Continue Reading →Yes. Unrelated loans that you are discharging in bankruptcy will not affect your secured obligation to the bank. These are two completely separate agreements.
However, if you have credit with the bank that is secured to the car, then both the orginal car loan and the line of credit secured by the car would have [...]
Continue Reading →Generally, yes, debtors in bankruptcy are allowed to keep their car. First, a car is an asset; and for bankruptcy, assets are either exempt or non-exempt. Colorado law provides a $5,000 equity exemption for a motor vehicle, CRS 13-54-102. Side note; leased vehicles are not assets; you do not own a leased vehicle. Most people [...]
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