Asked in Bankruptcy for Alabama

Q: Should I get an affirmation of my new 2017 hyundai elantra loan

I'm in the process of filing a ch 7. Should I include my automobile?

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1 Lawyer Answer
Kevin M Ryan
Kevin M Ryan
Answered
  • Bankruptcy Lawyer
  • Loxley, AL
  • Licensed in Alabama

A: The automobile must be listed on Schedule A/B, and then the debt for the automobile ( if any) should be listed on Schedule D. You must make sure to claim any available exemption for vehicle equity ( FMV minus Loan principal balance) on Schedule C. You also must indicate on the Statement of Intention whether you want to reaffirm the auto loan or surrender the vehicle. You should consult with a bankruptcy attorney who can tell you the best way to approach any of these situations so that you get the best possible result.

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