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Deficiency After Voluntary Repossession and Bankruptcy

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  • 04-18-2009, 08:08 AM
    NickinFlorida
    Deficiency After Voluntary Repossession and Bankruptcy
    I'm in a similar situation here in Fort Myers, Florida as Acip4u. But, in my circumstances, I gave the car back to the bank because I could not afford it anymore because of the economy and to cut expenses. I do not want the car back, and it is listed as "Surrendered" on my Chapter 7 Bankruptcy petitions with my attorney.

    The liquidation of the car is still pending with the bank, but I estimate around a $4k-$5k deficiency on the loan. I anticipate the sale of the vehicle will happen before my 341 meeting with the Trustee. My case has been filed electronically today by my attorney on 4/17/2009.

    My question is this: In the State of Florida, are auto loan deficiencies dischargeable in a Florida Bankruptcy Court? Thank you!

    Sincerely,

    Nick, AA, ASB, BS,
    Resident, Fort Myers, Florida,
    Since 1967.
  • 04-18-2009, 07:16 PM
    OhMy
    Re: Deficiency After Voluntary Repossession and Bankruptcy
    In a chapter 7 bankruptcy your auto loan deficiency will be discharged. Auto loans are not like credit cards. You can kiss the deficiency goodbye at discharge. You will not owe the lender anything as of your discharge date.
  • 04-18-2009, 11:35 PM
    Betty3
    Re: Deficiency After Voluntary Repossession and Bankruptcy
    Agree with OhMy. In a Chapter 7 bk, your deficiency will be dischargeable.
  • 04-19-2009, 07:44 PM
    NickinFlorida
    Re: Deficiency After Voluntary Repossession and Bankruptcy
    Quote:

    Quoting Betty3
    View Post
    Agree with OhMy. In a Chapter 7 bk, your deficiency will be dischargeable.

    Betty3 and OhMy,

    Thank you for your responses!

    Does this apply to all Bankruptcy Courts in the United States of America no matter which state the BK venue takes place?
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