Can I put my vehicles in bankruptcy? 23 Answers as of April 09, 2014

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EDWARD P RUSSELL | EDWARD P RUSSELL
It is unclear what you have in mind but if you mean can you surrender all rights to a vehicle or any other property, getting the debt discharged and walking away the answer if yes.
Answer Applies to: Minnesota
Replied: 4/9/2014
Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
You always have the option of surrendering collateral that secures debt.
Answer Applies to: Texas
Replied: 4/8/2014
Joseph Lehn, Esq
Joseph Lehn, Esq | Lehn Law, PA
Yes. You can list vehicles on your bankruptcy and on your petition you can state your intention with the debt. You can choose to surrender the vehicle or to continue paying and keep it.
Answer Applies to: Florida
Replied: 4/4/2014
The Law Office of M Grater LLC
The Law Office of M Grater LLC | Mark O. Grater
Yes, but the vehicles will be repossessed unless you keep the payments up (Ct)
Answer Applies to: Connecticut
Replied: 4/4/2014
Idaho Bankruptcy Law | Paul Ross
Anything you own must be required as a part of your bankruptcy. It is not an option, failure to do so can be considered bankruptcy fraud.
Answer Applies to: Idaho
Replied: 4/3/2014
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    Not sure what you mean by "PUT my vehicles in bankruptcy". When you file for bankruptcy you are required to list ALL of your debts. What happens with that debt depends on what type of debt it is and what you do. Car loans are typically secured loans. meaning the car is collateral for the loan, meaning if you don't pay the loan the creditor gets to take the car. If you are looking to stop paying on the loans and surrender the vehicle(s) that one option. If you wish to retain the vehicles in most situations (exception being a cram down only possible in certain situations) you can keep the vehicles 1) assuming your equity in the vehicle fits into an exemption (most cars that have loans have zero to very little equity so this is not a problem) AND 2) you are able and wish to make regular monthly payments. With regard to car loans in bankruptcy there are basically 3 choices (possibly 4 depending on the lender): 1) surrender 2) reaffirm 3) redeem 4)hold and maintain. Talk to your attorney about what you wish to accomplish and they can advise you best on different choices in light of your financial situation.
    Answer Applies to: California
    Replied: 4/3/2014
    Rhymer Law Firm
    Rhymer Law Firm | William Rhymer
    Usually yes, but you really did not give enough information to give you a definitive answer.
    Answer Applies to: Georgia
    Replied: 4/3/2014
    Ronald K. Nims LLC | Ronald K. Nims
    If you have vehicles with a loan, you have two choices in bankruptcy, you can stop paying and let the lender take the car or you can sign papers agreeing to keep making the payments called reaffirmation. Now, if you have a car without a loan, then whether you can keep it depends on the value. Ohio gives each spouse $3,500 of a car that they can keep. So if you've got a $300,000 Rolls-Royce, no you can't keep it.
    Answer Applies to: Ohio
    Replied: 4/3/2014
    Law Office of Marlin Branstetter
    Law Office of Marlin Branstetter | Marlin Branstetter
    All debts and all property are required to be listed in your bankruptcy paperwork. Some property may be protected. If you are trying to avoid paying any outstanding balances you owe on your cars you can surrender them to the lender and not be responsible for the balance. If you want to keep them you have to pay for them.
    Answer Applies to: California
    Replied: 4/3/2014
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    You must list all assets and all liabilities. You also have to file a "Statement of Intention", and tell the creditor whether you are going to keep the car, or surrender the car. If you want to keep the car, you have to be current with the debt, or get currently relatively soon. If you want to surrender the vehicle, contact the creditor to make arrangements for them to pick up the car.
    Answer Applies to: Colorado
    Replied: 4/3/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Vehicles can be retained in bankruptcy, both fully paid and those with debt on them. Whether they may be exempted in whole or in part is part of the process with your attorney.
    Answer Applies to: California
    Replied: 4/3/2014
    Danville Law Group | Scott Jordan
    I'm not sure what you mean or whether you even have a choice in the matter. The bankruptcy law requires you to list all of your assets and all of your debts. If you own money on you cars, you must list that on the appropriate schedule. If you wish to keep your cars, you will need to continue making the payments and possible be required to reaffirm the debts. If you wish to turn the cars over to the lenders, you can do that as well through bankruptcy. Please consult with a local bankruptcy attorney to make sure you fully comply with the law. You only get one shot at bankruptcy, so it is worth the time and money to hire an attorney.
    Answer Applies to: California
    Replied: 4/3/2014
    Law Offices of A. J. Mitchell, LLC
    Law Offices of A. J. Mitchell, LLC | A. J. Mitchell
    Please provide additional information about your intent as I am not sure what you are asking.
    Answer Applies to: Georgia
    Replied: 4/3/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    If you file bankruptcy, you have no choice but to list your vehicle and any debt owed on it in your bankruptcy. Whether you chose to surrender the vehicle & owe nothing or take steps to pay and continue to drive the vehicle is a process that is subject to procedures of bankruptcy.
    Answer Applies to: Nevada
    Replied: 4/3/2014
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    Yes you can put vehicles in your bankruptcy.
    Answer Applies to: Alabama
    Replied: 4/3/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You must list all of your debts, that would include the vehicles. In order to keep them you must first reaffirm the debt and second make the payments. If you want to get rid of them check the "surrender" box on the forms.
    Answer Applies to: California
    Replied: 4/3/2014
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    You are required to do so. When you file a bankruptcy petition, all of your assets and liabilities must be included in the filing.
    Answer Applies to: California
    Replied: 4/3/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    You are required to list all assets (vehicles) and debts (vehicle loans) in your bankruptcy. You may keep the vehicle by redeeming it or reaffirming the debt. You may also surrender it back to the lender.
    Answer Applies to: Indiana
    Replied: 4/3/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    You must put your vehicles in bk. You must list all assets and all debts. Some assets, if secured or exempt, you can keep but if you want to surrender your vehicles and walk away from the debt you may do so in a chapter 7 as long as you are eligible.
    Answer Applies to: Nevada
    Replied: 4/3/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    If I understand your question, you can surrender your vehicles in bankruptcy and you won't be obligated to pay any more of the debt regardless of the amount the creditor can get in an auction. Any debt on a vehicle is extinguished by operation of law when you file bankruptcy, but if there is a lien on it, the creditor still has the right to seize it. While you are in bankruptcy, the creditor has to get permission from the court to seize it by filing a motion for relief from the automatic stay, although you can voluntarily surrender it anytime. You can also claim an exemption up to a certain amount of equity for your vehicles if you want to try to keep one after filing bankruptcy, and you can reaffirm a debt on a vehicle (keep making the payments) if you are current on payments. A reaffirmation agreement must be filed with the court to be effective.
    Answer Applies to: Oregon
    Replied: 4/3/2014
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    Yes you can put vehicles in a bankruptcy
    Answer Applies to: New Jersey
    Replied: 4/3/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    Yes, you then can give it up or catch the payments up, depending in what type of bankruptcy you file and what you want to do with the car.
    Answer Applies to: Michigan
    Replied: 4/3/2014
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Yes that is one of the main reasons to file.
    Answer Applies to: New York
    Replied: 4/3/2014
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