I OWN MY VEHICLE BUT USED IT AS COLLATERAL FOR A LOAN. I WANT TO GET RID OF THE LOAN IN THE BANKRUPTCY BUT WOULD THAT MEAN I LOSE MY ONE AND ONLY VEHICLE AS WELL?
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answered on Mar 26, 2024
If your car has a lien due to a loan where the vehicle was used as collateral, you generally can keep the car as long as you continue to make payments on the loan. When considering bankruptcy, whether Chapter 7 or Chapter 13, the specifics of your situation will largely determine if you can keep... View More 
I OWN MY VEHICLE BUT USED IT AS COLLATERAL FOR A LOAN. I WANT TO GET RID OF THE LOAN IN THE BANKRUPTCY BUT WOULD THAT MEAN I LOSE MY ONE AND ONLY VEHICLE AS WELL?
answered on Mar 27, 2024
When you use the car as security the lender ends up with an ownership interest in the car. If you file bankruptcy you can normally still pay the loan and keep the auto. There are no free cars or homes in bankruptcy. The only exception I know of is occassionally the lender forgets to file the... View More
answered on Mar 10, 2024
Of course, you can ask for anything, but in my experience, creditors are quite leery of recent bankrupt debtors.
All creditors, in my experience, will insist upon a Discharge first, and many will want to see the final Decree and close of your bankrupcty case before considering your... View More
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answered on Mar 11, 2024
It's possible to apply for a credit card after receiving your Chapter 13 discharge, even if you haven't received the final decree yet. However, keep a few things in mind:
1. Credit score: Your credit score may still be low due to the bankruptcy, which can make it more difficult to... View More
Case 3-20-BK 30379
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answered on Feb 24, 2024
Yes, you can check if a debtor has included you as a creditor in their bankruptcy case. Here are the main ways to see if you've been listed in someone's bankruptcy filing:
1. Review the Debtor's Bankruptcy Schedules and Statements:
- The debtor has to file schedules... View More
answered on Jan 25, 2024
The mortgage company normally pays the insurance during the foreclosure. I don't know if the insurance company is sending you the bill because you contracted for insurance or the insurance was forced placed and contracted for by the mortgage company. Either way, you normally are not liable for... View More
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answered on Jan 26, 2024
Receiving a bill from an insurance company for a house that foreclosed over a year ago can be confusing and concerning. The first step is to verify the legitimacy of the bill. Contact the insurance company directly to understand why you are being billed, especially since you no longer own the... View More
answered on Dec 31, 2023
The creditor with a lien on it can take it regardless of whether it is your only means of transportation. They have an ownership interest in it if they have a lien on it. Also, anyone who sues you and places a lien on property can take it, whether it is a tax lien, IRS lien, student loan, or... View More
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answered on Dec 31, 2023
In Kentucky, when you file for bankruptcy, whether your car can be taken depends on several factors. If there is a lien on your car, the creditor holding the lien has a right to repossess the vehicle if the loan is not paid. However, in a bankruptcy case, certain protections may apply.
If... View More
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answered on Nov 5, 2023
If you've missed a mortgage payment by mistake while in a Chapter 13 bankruptcy, it is critical to address the issue promptly:
1. Contact your bankruptcy attorney immediately to discuss the situation. They can provide guidance specific to your case and may be able to negotiate with the... View More
answered on Oct 10, 2023
When in an active bankruptcy case, especially a Ch. 13, there is an automatic stay of any actions against the property of the debtor's estate and/or the debtor, to collect a debt.
In order to proceed with a foreclosure case in a non-bankruptcy court, the foreclosing creditor must... View More
Do creditors file adveseral proceedings against debtors who are behind to discourage someone filing bankruptcy
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answered on Nov 5, 2023
Creditors of unsecured credit card debt typically do not file adversarial proceedings if you have not filed for bankruptcy. Adversarial proceedings are part of the bankruptcy process, where a creditor challenges the dischargeability of a debt. If you're behind on payments, creditors may... View More
I have filed bankruptcy but forgot to list my buy now pay later contracts. Should I tell my lawyer about those? Also, are those considered credit?
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answered on Nov 5, 2023
You should inform your lawyer about all debts and financial obligations, including "buy now, pay later" contracts. These contracts are typically considered credit agreements and should be disclosed in your bankruptcy filing. Failure to list all creditors can result in some debts not being... View More
I have two loans one tied to a cd and a credit card in business name.
answered on Jan 18, 2023
It should only affect you personally if you also guaranteed the debt. Most businesses are a separate entity just like a separate person. You are only liable for a debt to a creditor if you agreed to be liable for it. You can co-sign with your company or a person and be held liable.
We would like to continue to make payments on it and keep it because we need it for our property. The home & 1 acre is in my name because I lived here before my husband and I married. We use the tractor for property maintenance and feeding our cows. (We have 2 that are being raised for our meat... View More
answered on Jan 17, 2023
Great question, and one that I frequently field from potential filers. The John Deere Finance loan will have to be identified in the bankruptcy schedules. This ABSOLUTELY does NOT mean that you have to give up the tractor. There are multiple paths available to keep the tractor. One path,... View More
We would like to continue to make payments on it and keep it because we need it for our property. The home & 1 acre is in my name because I lived here before my husband and I married. We use the tractor for property maintenance and feeding our cows. (We have 2 that are being raised for our meat... View More
answered on Jan 17, 2023
When you file a bankruptcy petition, the accompanying Schedules ask for ALL your assets (the Section 541 definition of "estate" is quite broad) and ALL your debts/claims against you. You sign those Schedules under penalty of perjury (it's a felony, and the penalty is steep).... View More
hypothetically a close relative needs to file bankruptcy but I assume she will loose the home in the process so I will take over home and loan then rent it to them theory. The home mortgage is currently and no payments missed
answered on Dec 22, 2022
She won't necessarily lose the home, but it depends. If she has equity, if she's been up to date on paying her mortgage etc. Your relative would need to speak to bankruptcy counsel re the specifics of her situation.
Re you taking over, that is something you would need to request... View More
answered on Nov 11, 2022
Most will but there are exceptions to discharge. The most common non-dischargeable debts are domestic support obligations, student loan debt, and most tax debt owed to federal, state or local governments. Debts from misrepresentations made to get credit, debts arising from fraud, "willful... View More
On ore tenus motion of the debtor(s) and the trustee in the above styled cause to extend the deadlines for filing § 727 complaints and/or a motion to dismiss for abuse by the case trustee or the United States Trustee and the Court, having considered the same, finds for good cause shown that said... View More
answered on Jun 14, 2023
It means the court has enlarged the time and added 60 more days for anyone to file a motion to dismiss for abuse.
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