http://www.nationalbankruptcyforum.com/cars-and-bankruptcy/surrendering-a-car-you-can-no-longer-afford/ Bankruptcy Attorney Blogs and Directory Tue, 07 Feb 2012 19:52:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.nationalbankruptcyforum.com/cars-and-bankruptcy/surrendering-a-car-you-can-no-longer-afford/comment-page-1/#comment-2351 What Is the Rule With Cars and Bankruptcy? | Bankruptcy Questions? - National Bankruptcy Forum Sat, 06 Feb 2010 16:09:31 +0000 http://www.nationalbankruptcyforum.com/?p=1100#comment-2351 [...] 2. If you do have a loan on your car, most states will require that you “reaffirm” the debt if you wish to keep the car. What does this mean? Filing for bankruptcy erases your personal obligation to pay debts. Personal guarantees are wiped away unless they are reaffirmed. Reaffirming a debt is akin to renewing your “marriage vows” with your lender. You are reinstating your personal guarantee on the loan and agreeing to pay the debt after the bankruptcy. With no reaffirmation agreement, your lender would only be able to take your car back if you fell behind on payments after your bankruptcy. With the reaffirmation agreement, they will also be able to look to your personal assets as well if you can’t make payments. If you cannot afford to keep up with your car payments, you do have the option of surrendering the c... [...] [...] 2. If you do have a loan on your car, most states will require that you “reaffirm” the debt if you wish to keep the car. What does this mean? Filing for bankruptcy erases your personal obligation to pay debts. Personal guarantees are wiped away unless they are reaffirmed. Reaffirming a debt is akin to renewing your “marriage vows” with your lender. You are reinstating your personal guarantee on the loan and agreeing to pay the debt after the bankruptcy. With no reaffirmation agreement, your lender would only be able to take your car back if you fell behind on payments after your bankruptcy. With the reaffirmation agreement, they will also be able to look to your personal assets as well if you can’t make payments. If you cannot afford to keep up with your car payments, you do have the option of surrendering the c… [...]

]]> http://www.nationalbankruptcyforum.com/cars-and-bankruptcy/surrendering-a-car-you-can-no-longer-afford/comment-page-1/#comment-1691 Can Chapter 13 Bankruptcy Lower My Car Payments? | National Bankruptcy Forum Thu, 14 Jan 2010 21:45:44 +0000 http://www.nationalbankruptcyforum.com/?p=1100#comment-1691 [...] dedicated to trouble with car payments. What to do if you can’t afford your car payments and how a lender may go about trying to enforce a deficiency judgment after a repossession have been two topics our readers have been interested in. This post will focus on how chapter 13 [...] [...] dedicated to trouble with car payments. What to do if you can’t afford your car payments and how a lender may go about trying to enforce a deficiency judgment after a repossession have been two topics our readers have been interested in. This post will focus on how chapter 13 [...]

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