Keeping Vehicle with No Equity in Chapter in Chapter 7
My question involves bankruptcy in the state of: Texas
My vehicle payoff is around 9,000. The vehicle blue books at 6,500. No equity... would I be able to keep my vehicle since there is no equity? Thus, keeping the vehicle and not having to make any future payments.
Re: Keeping Vehicle Chapter 7 if No Equity? Texas
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creed2474
My question involves bankruptcy in the state of: Texas
My vehicle payoff is around 9,000. The vehicle blue books at 6,500. No equity... would I be able to keep my vehicle since there is no equity? Thus, keeping the vehicle and not having to make any future payments.
No. It doesn't work that way. If you want to keep the vehicle, then you continue to pay the car payment. If you don't want to keep the vehicle, then you surrender it in the BK.
Re: Keeping Vehicle Chapter 7 if No Equity? Texas
Agree, you can't keep the vehicle but not make any payments.
Re: Keeping Vehicle Chapter 7 if No Equity? Texas
I have a 2002 Envoy that I owe $12,000 on and its worth $7,000.
It has dragged me down financially so hard (with unexpected repairs, not to mention the monthly payment), that I am looking forward to forfeiting it. Im sorry to say but I cannot have a fresh start with this vehicle.
My advice to you is dont worry about whether or not you can keep the car, but is it worth it? After you file chap 7, is the vehicle going to be reliable for a while? Can you have a fresh start with that vehicle, realistically?