Interest rate on auto loans in a Chapter 13?
Im current on a car loan and may need to file for chapter 13 protection and plan on keeping the car. Will the loan be paid back at 0% to the creditor?
Posts Tagged ‘car loan’
Oklahoma Bankruptcy and Spouse's Income?
I am married but I live separate from my husband. We live in two different towns in Oklahoma. We keep our finances separate and only my car is in both our names. I pay the car loan myself. My husband’s name is considered the primary borrower and I am considered the co-borrower. I was planning on reaffirming my car loan so I could keep my car. I would like to know if I file for bankruptcy do I have to enter my husbands income for the means test? Also if I file bankruptcy will it affect my husbands credit negatively?
After looking around I found this:
‘Married, not filing jointly, with declaration of separate households’: By checking this box, the debtor is literally declaring, under penalty of perjury, that “My spouse and I are legally separated under applicable non-bankruptcy law or my spouse and I are living apart other than for the purpose of evading the requirements of § 707(b)(2)(A) of the Bankruptcy Code.” This means that the debtor should be prepared to testify under oath, and to also document the fact if requested to, that the non-filing spouse’s income is truly not available to contribute toward the debtor’s expenses, and that the debtor is not merely pretending to be separated so as to exclude the spouse’s income from the means test calculation.
should i file chapter 7 bankruptcy?
i currently owe over 30,000 dollars in deliquent debt, and my credit score as of today is 521. i just paid off my car loan i had for 7 years, and i have a checking and a savings and a cell phone with sprint, but heres the thing i only make 10 dollars a hour and my checks are only 300 a week, the bills i have know consume that, im just wondering if i should file for it? if so can i get a car loan afterwards beings i can get one now but i dont want to if im going to file….or simply what would you do, i figured it would take me well over 5 years to pay everything back.. thanks for advice im just worried ill be screwed forever, but my freind got a brand new car 2 years after he filed..
Bankruptcy and car loan?
In November, I made the decision to file bankruptcy and it was filed a week ago today. My problem is I recently purchased a car (4/4/11) and I have a car loan, but I want to surrender the car under the bankruptcy. The problem is the car is not in good shape as they told us it was (they said they replaced the transmission, but the transmission is stalling and jerking), and they are not willing to switch the car/trade it. I also called the bank and they are more concerned with getting their money than actually helping me (go figure). Will this look bad on my part or is it fine to do? I am wondering because I have to make another payment tomorrow and I would rather not if I can surrender the vehicle, and I don’t want to pay if it will jeopardize my bankruptcy. I emailed and called my lawyer, but he left early for the day :0) Please help!!!!
I am filing because I was sued twice and a lawyer told me to do nothing, so now I have a judgment. I am the only income in my home, and trying to get a reliable vehicle, I opted for a car loan thinking that was going to ensure I had a good vehicle.
I also make sure I work overtime so i can afford the car to be able to work. With a family I am trying to do what I can, but I can’t do that and pay back ,000 that was run up in my teens. I was pregnant with no job so I maxed out credit cards to buy food and clothing etc…. I regret it, and wished I never done it. Now I want to be able to start fresh with the new life I am making for myself.
chapter 13?
i am behind on my car loan 4 months and my 2nd mortgage and some bills total loan would be 12000 plus giving up my car will I be able to get credit again
Should I file bankruptcy? What to do, Please HELP?
okay I am married and we are currently overly in debt. My husband is working a great job while I on the other hand lost my job due to the economic ways we are in. we are about 18,000 in credit card debit that we stop paying in general. we have a 38,000 car loan that we have been paying and have had it for a year now. than of course we have all the other basic bills FPL, Cable, Car insurance , rent which is 1,000 a month. since one side has been bring in money we have only be able to pay for the basics and car payment, car insurance, and rent.
There is really anything else we can do.. there is no managing money because all of the money goes directly to bills.. there is nothing we can sell to gain money for all our debt.. it just seems like its getting worse and worse and we thought about bankruptcy. Yes, I agree it’s a horrible thing and it stays on your credit for 10 years YES THAT IS RIDICULOUS bad.. but really what is there else to do.. the interest rates on the credit cards are so high that because of 1 month not paying the minimum jumped up 700.00 so i don’t even want to check what it is now!! We don’t have much options besides that.
If we decide to do it how will it effect his current job? Does his current job have to know we filed bankruptcy?
How would it effect our car loan?
How would it effect us paying RENT to our landlords..
Thanks a lot of the help in advanced
=/ ohhhhhh
Thank you for all that is giving me their opinions.. and to add on… yes a 38,000 car loan is ridiculous. But we all do things in life that isn’t perfect. So, it doesnt matter our age not everyone makes the correct decisions regardless it doesn’t change the situation that we are in. so call it stupid or whatever you like… All i am trying to DO is get opinions to better my situation and to answer me questions I have.
Thank you for all who has answered all have helped in different ways.
Greatly appreciated
Should I file Bankruptcy or No?
I would like to know rather bankruptcy would be a good option for me.
I have a 10,000 car loan. Several other loans that equal about 10 thousand. I have a HUGE credit sheet that equals about 30 thousand in medical bills and other. The bank is taking me to court over the loans.
I have not had a job since Dec and just found a job but for 10/hr and will not start for a while. I am a single mother with no child support and live with my grandmother (who is really bad shape and needs tons of help money wise).
What should I do????
Thanks
To answer the questions that I have been getting…
I don’t get child support because the father is serving a five year term in jail for abuse and drugs.
My father refuses to give any care for his mother. He has not even spoken to her in six monthe. At one time he was helping her, but he took all of her money (60,000) and ran for the hills.
After I file, I plan on going to school full time and drop down to a part time job. And pay for school through the FASFA program and out of my own pocket. I refuse to have to get over my head ever again.
If you file bankruptcy and are way behind on car paymnts, Legally can they repo before th meeting of creditors
the car loan company told him they arent accepting any more payments until the bankruptcy hearing. They claim legally they cant repo until after the hearing (meeting of creditors), and if he wants to catch up on payments he will have to pay the past due balance at the hearing or surrender. Is this true?
File Bankruptcy or Let my car get repo?
I bought and financed a car about 6 months ago. Now I’m in a really bad financial mess and cannot afford to pay the car. Is it better to let them repo it or file for bankruptcy? What happens to the car loan if they repo it?
If I file for bankruptcy can they take my wife's car?
Due to the housing crises and a bad divorce I find myself needing to file bankruptcy. However I am remarried and we financed my new wife a car. I am the co borrower on her car loan. If I pay the car off to get from under the crazy interest, will the bankruptcy court take her car even though she isn’t involved with the bankruptcy and the car is registered in her name with her as the borrower and me as the co borrower?
Has anyone had any luck getting a car loan after a Chapter 13 discharge?
We are about to pay off the balance on our Chapter 13 bankruptcy plan. At some point after our discharge is granted we want to buy a new car. We are planning on putting like 40% down. We have a good credit history with past car loans and can now comfortably afford a large car payment if we were approved. Has anyone out there been through this and/or knows if it’s difficult to get approved for a car loan after a Chapter 13? What kind of interest rate can we expect if we are approved?
Credit card debt settlement?
I have about K credit card debt, have been making monthly payments till now life was smooth. But at the moment I am not able to make them and was thinking of settling the debt with them. Let’s say I settle that for K (that is too high of an expectation I guess, or file bankruptcy). How much would I end up paying in taxes when they send me the 1099?
Forgot to add that:
1. I am ready to pay the K upfront (or at the max 3 months)
2. I went to the NFCC and the interest rates in the "Debt Management Plan" that they were offering were higher on most and lower on some accounts. In the DMP, I end up me paying more monthly minimums than what I am paying at the moment!
NFCC – The National Foundation for Credit Counseling, the one Clark Howard Suggested on his CNN show.
1. Even if the debt is ’settled’ and is on there for seven years, can I start rebuilding my credit, after ’settling’ the current one for say k (assuming I am lucky) in like 3 months, by getting a secured credit card? Or only places where I should worry about "Credit history/report" is (1) Home Loan (2) Car Loan (3) Credit card (4)Store Card….am I missing anything else here?
2. And what about the 1099?
I am a co-signer for a month car loan, can I still file bankruptcy?
I had co-sign for my brother’s car loan a month ago. I have very bad credit but they want to combine our income to lower his APR. I am filing for bankruptcy next month. Will the new loan effect my filing?
The car is not for me but I am on the loan.
My brother is keeping his car. He is on time with the payments. I just want to know will the new loan cause any drama or will I get denied due to the new loan.
My husband and I are divorcing. Should I file bankruptcy?
Has anyone ever gone bankruptcy? If so, what was it like? Did it completely destroy you financially.? Or were you able to tough it out and survive? I wanted to be able to buy a house in the near future, but my credit is totally screwed due to my recent separation (divorce pending) from my ex.
I have over ,000 in student loans, over ,000 in medical bills, a ,000 consollidation loan, an ,000 car loan, a 00 car loan (it will be mine in June of 2009), over ,000 in credit card bills. Not to mention that I am over the limit on all the cards. I have not been able to pay bills like I should because my husband left me and now I have to take care of 2 small children (22 months, 7 months), daycare and all the expenses at home–rent, lights, gas, cable, insurance, car payments, etc.
There is no way I can get another job. My school district doesn’t allow us to work more than 12 hours on a second job and we can’t work past 10p.m. on a school night. I am a teacher in MS and make only ,000 a year…that’s a good salary, but my debt exceeds my salary.
So should I file bankruptcy???
Yes I have a discover card and a sears card 
.
No teachers don’t make much but are required to work miracles. I am thinking of changing professions.
Intellectual cupcake, thanks for the help, but I live in MS. That is a long way from San Diego…I wish I lived there!
I am in the middle of filing chapter 7 bankrupt and need to get a car loan?
Does anyone have any ideas of who might approve us for a car loan when we are in the middle of a chapter 7. Most if not everyone say we need to wait until we are discharged. Thanks for the help.
chapter 13?
I filed Ctp 13 bnkuptcy 6 six years ago. When I didn’t hear from my attorney after the 5 years were up, I contacted him. He told me there was a mix up with a car loan and advised that I convert to Cpt 7. I did – it was discharged and now I am getting letters of collection from credit cards that were filed on that cpt 7. Aslo found out my house was never reafirrmed on. What the hell is going on? He sure didn’t hesitate to take my money to get these done. He is retired and now has some other lawyers taking over cases. What are my LEGAL recourses? For 5 years my check was garnished for 375.00 every 2 weeks to pay that cpt 13. I get calls 10 times a day, give them the lawyers phone number and the next day they call back 10 x a day. I am out of work right now, living on unemployment and at my wits end. Someone with some knowledge, please advise me what to do. Thank you.
Should I File Bankruptcy?
Six months ago, I was involved in an auto accident (my fault) and my insurance policy had expired a week before. There were no injuries or fatalities but my car was totaled because I was knocked out of control and hit a guard rail. I have been paying my car notes even though the car is sitting in some impound lot, but until recently I have not been able to make anymore payments. I owe about ,000 on the car although it is worth ,000. I am 100% sure that my car finance company will sue me. I have debt totaling about ,000 (car loan included). If I file bankruptcy, can they still sue me or garnish my wages. What is my best way to get out of this without have to pay much? I also qualify for SSDI (which can not be garnished by creditors), should I just quit my job, get the SSDI, and lay low until this storm blows over?
I live in Texas (BTW)….
Should I file for bankruptcy?
Ugh, so embarrassing, but here goes …
Consumer Credit Counseling says I can consolidate my 00 in credit card debts into one monthly payment of 7, providing the creditors accept this arrangement. But as of today I have .55 to my name and for the first time am about to go on food stamps to help me during this rough time.
Additionally I owe about 00 on my beloved car that I’ve had for one year. But now I’m behind almost two payments and am at risk for losing my car. This is the extent of my debt. I’m college educated and doing what I can to find work, but so far nothing, and it’s been seven dry months. Last year everything was coming together beautifully, and I was so proud of myself and my hard work, and then I lost my job.
Ten years ago I filed for bankruptcy in another state. This would be my second, although the first has been removed from my record since enough time has passed. I never in a million years thought I’d be in a position of having to consider bankruptcy again and am feeling incredibly sad and ashamed of myself.
I would really welcome input. I’m in California if that helps. At this point I don’t care about my credit rating. I just want freedom from this chapter in my life and another fresh start. Berate me if you must, but I’m really need solid feedback on what I should do. There won’t be an attorney. I would be representing myself.
Thank you.
P.S. It’s my understanding that if my car gets repossessed, they’ll try selling it at a car auction. I’m responsible for paying the difference in what I owe versus what they sell it for. Does this sound right? The car loan company is reluctant to discuss this, since they understandably want me to resume payments. Also, can a car be written off on a bankruptcy? That seems like I’m asking for too much.
Should I file Bankruptcy?
Here’s my problem… I am 22 years old, and I went to college for 2 years. during that time I racked up some pretty large bills that I couldn’t handle. I have about 7500 dollars charged off and in collections from credit cards. 2200 of that I have a judgment against me for and they said that they could garnish my wages soon if I don’t pay it off. I had a repossession 14 months ago and owe Wells Fargo ,000 to pay it off. Last but not least, I subleased an apartment to a stranger 2 years ago and I moved out of town. Now I have found out that that person stopped paying the rent and that because I subleased the apartment I am responsible for the rent that was not paid which come out to about 00. So, all together I owe about ,000. I have called all of the creditors and asked what it would take to settle. After calculating that all up it comes out to about ,000. The only thing I have paid perfect is 2 student loans and that’s it. I have no car and I cant get a car loan. I have been rejected for an apartment because of the judgment on the sublease issue. Basically, I am better off dead but I cant bring myself to do that. So I have to decide what to do….Is bankruptcy the way to go?
What can the bank do to my other loans if I can't pay my credit card debt?
I bank with Bank of America and I have a bad debt on a credit card that I no longer have.
My question is??
With this bank I also have a car loan that I’m about to pay off in a few months and also have my mortgage thru them. I will try to settle the credit card debt but would they offer a settlement if I have a vehicle loan and a mortgage loan?
Can I still file for bankruptcy if I have a car loan out of a credit Union?
I have really bad credit and it keeps on building up because I recently lost my job. I have a car loan at a credit union, and fear that if I file for bankruptcy that they will take my car away.
How do I file for bankruptcy?
I am broke and cannot pay all of my bills. I just found out I am pregnant. My boyfriend and I are gonna get married but I don’t want my credit affecting him. I want to file for bankruptcy first but don’t know how. Also, will I lose my car? I have a car loan, a computer loan, and a victoria’s secret credit card that I would like to keep. I can afford to pay those. Just not everything else. Will I be able to do that?
How to go about to get discharged from bankruptcy in Malaysia?
In 1997 I took a car loan on my son’s name. Due to Asian financial crisis, my son was retreanched and the finance company reposses the car due to default in payments. In 1995, he was declared a bankrupt by the finance company. Until now he cant get a job and he is under medication due to some health reasons. I heard that after 5 years, my son can get a discharge if he appeal to the insolnvency department in Malaysia. Is it true?
how can we settle our debt?
my wife has a few credit cards in which she has about 6k in debt. then she took out her 401k in order to pay some off(which brought it down to 6k) and so we both got nothing back from our taxes and now we owe the irs 4k. then we got a car payment we are paying for which is another 6k. now we are trying to pay it off but its a lot and i need some ideas on how to pay this debt without bankruptcy or using a debt settlement company? i have debt too but its like 2k so i’m worried about hers first. i’m at my whits end and need some help please!
the car loan we have in not exactly a lein. i was sold a car on a bogus payment plan and we took out a loan to pay off mine while she used her car as colateral. so we are still paying this loan.
what happens to my loans when I file for bankruptcy?
What happens to the car loan I got a month ago when I file for bankruptcy? I can afford to pay it, but not the rest of stuff.
Can a credit union seize my car if I discharge other accounts in chapter 7?
I filed for chapter 7. I have 3 accounts with my credit union. I want 2 discharged and I want to keep my car loan. They are telling me that I have to turn my car in because of cross collaterization. If I default on one, i have to default on all. Is this the case?
Is it better to pay off total amount of credit card debt, or settle?
I have a large amount of revolving debt. I’m current on my payments, but I have little left over to live on every month.
I’m expecting a big tax return. It won’t be enough to pay off all of my debt. BUT, if I stop making payments for 2-3 months, save the amount I would have paid, and add it to my refund, I should have enough to settle with the companies and eliminate all of my debt (assuming they’ll negotiate with me on a final amount).
I realize that I’ll have to stop paying and threaten to declare bankruptcy before they’ll negotiate with me, and that it will harm my credit. I would probably be able to pay off my debt eventually, but it might take me 5-10 years, maybe longer. I feel like things I want to do will have to be postponed because of it.
Also, I’m still in college and not planning on buying a home or applying for a car loan or anything for a few more years.
Would it be better to take the hit on my credit rating and get rid of my debt now by negotiating? Or should I tough it out, keep my credit intact, and pay the full amount (which will be thousands more with interest by the time I get it all paid off).
Thanks 
If i file for bankruptcy(chapter 7) what will i not be able to get?
like its because i defaulted on a car loan that i can only make minimum payments for so they were suggesting i should file bankruptcy. Will i be able to lease another apartment? I have good rental history its just the car loan and some medical bills, will that change anything?
Filed Chapter 7, kept the car and now not able to make the payments. What are my options?
Had filed for chapter 7 and kept the car. The credit card debt was consolidated into the car loan therefore the amount owed on the car is more than the car is worth. Due to unemployment, am not able to make payments and want to surrender the car back to the lender. Can I do this and what are my options?
How Much is Credit Card Repayment Principle Reduced Under Chapter 13 Bankruptcy Filing?
I am considering filing Chapter 13 Bankruptcy and know that I will have to pay back the creditors under the repayment plan between 3 and 5 years. I am trying to figure out how much I will be paying per month to the trustee.
I live in Florida, have 000 in unsecured credit card debt, 000 in a car loan and pay 00 a month in child support.
I make about 000 a year gross.