It looks like both me and my husband are going to have to file bankruptcy.
My question deals with our cars. We both have new vehicles, we both need the vehicles to get to work as we live out of town. Will we lose both vehicles in the process. It is not our car payments that are causing us problems, we were stupid with our credit cards and a line of credit. We have never missed a payment on our vehicles, have a great relationship with that bank and are worried we will loose our cars.
posted by Questions @ 8:31 am
At September 16, 2008 |
11:04 am
, Barton Goth GCO Bankruptcy Trustees Said...
Technically speaking as long as your vehicles have less equity (fair market value less amount owing against the vehicles) then you won’t have any issues with the trustee. So what this means is it is ultimately up to the secured creditors (i.e. the bank or finance company registered against the vehicles). As long as they are OK with it you will be permitted to keep the vehicles.
Practically speaking we find that as long as your up to date on your vehicle payments very rarely do secured creditors want to seize the vehicles as they will make significantly more long term if they allow you to keep the vehicles and continue to make your payments.
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