auto loan during bk7
#1
Posted 31 May 2011 - 02:12 PM
#2
Posted 31 May 2011 - 04:59 PM
But if you have a lot of equity in the vehicle, then you may be over the exemption $ amount you are allowed, whatever that may be in your state. You should discuss this with your attorney.
#3
Posted 31 May 2011 - 08:04 PM
#4
Posted 31 May 2011 - 09:10 PM
Edited by mk_378, 31 May 2011 - 09:11 PM.
#5
Posted 02 June 2011 - 09:19 PM
If you did a BK 7 and reaffirmed the car loan, then there shouldn't be any cross collateralization.
But if you have a lot of equity in the vehicle, then you may be over the exemption $ amount you are allowed, whatever that may be in your state. You should discuss this with your attorney.
My attorney said that the loan docs I signed allows them to cross collaterialize my cc (included in bk) and auto loan (not included). Meaning They don't have to let me reaffirm even if I don't have excess equity and/or not behind in payments..
Thye want me to reaffirm a portion of cc debt to keep car. It's just not worth it that bad for me to keep the car.
#6
Posted 02 June 2011 - 09:48 PM
#7
Posted 02 June 2011 - 09:53 PM
My attorney told me just the opposite.
I believe you... My lawyer doesn't seem to be knowledgeable about this. So your saying I can keep the car? I'm not behind and there is no excess equity In the vehicle.
#8
Posted 02 June 2011 - 10:07 PM
#9
Posted 02 June 2011 - 11:03 PM
I don't think the way of applying for the loan makes any difference. Any way you do it the cross-collateralization clause will be in there.
#10
Posted 11 July 2012 - 08:23 PM
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