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  1. #1
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Forfeiting Car, Home, and Boat in Chapter 7 Bankruptcy

    My question involves bankruptcy in the state of: Mi.

    Im finally taking the big step and going to a bk lawyer Monday to start the filing process for chapter 7.

    Im forfeiting my home, vehicle, and boat. I am upside down in all 3 and have negative equity due to the economy, late payments, etc...

    How long after you file chapter 7 are you able to stay in your home? How soon after will the boat/SUV be picked up by the bank?

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Forfeiting Car, Home, and Boat in Chapter 7 Bankruptcy

    These timelines vary.

    Your attorney will be in a better position to answer these questions for you.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Forfeiting Car, Home, and Boat in Chapter 7 Bankruptcy

    As LRM says, timelines vary enormously. Some banks let you stay in the home as long as you keep making payments, even if you have surrendered the house. This effectively makes you a tenant. Some lenders never pick up the car - there are more than a few threads in this forum about that problem - particularly where the car has very low value. Others act quite promptly.

  4. #4
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Re: Forfeiting Car, Home, and Boat in Chapter 7 Bankruptcy

    Thanks folks for the replies. Im going to the bk lawyer today at 3pm. Im so nervous! Over the weekend I took the opportunity to go look at places for rent, as thats where I will be going after I give the house back. Kind of bittersweet, the house is finally how I wanted it, just had a new roof put on 2 years ago, but the neighborhood is turning BIG time and Im surrounded by rentals and foreclosures. I think if I have the golden opportunity "now" to get out, then I should take it.

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