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Can creditors take your car from BK?

The last post in this topic was posted 6459 days ago. 

 

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Hi,

 

I contemplate on filing Ch7 if qualified but I like to know can creditors legally confiscate my vehicles that aren't on my loans in an effort to collect debt? Also I read on another board that by reaffirming a debt on your BK is equivalent to bad scores but want to know if this is true since I intent to be in good standing with this particular creditor.

 

Thanks

Jon

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Sounds like you need to learn a bit more about bk before you file. have you consulted with a local attorney?

 

when you file bk the court will require you to report ALL of your assets (inluding money that is owed to you (like tax returns)), and ALL of your debts. If your vehicles are not exempt (depends on where you live) they can be confiscated by the bk court as well as any other items that are not exempt in your state (like your jewelery, stereo equipment, real estate (but most likely not your primary residence, unless you own it free and clear or have a lot of equity in it), etc.).

 

To answer your question though, no creditor may confiscate anything once you file bankruptcy. Everything is in the hands of the bk court and it is up to the court what items you keep and what items you give up.

 

When I filed ch. 7 I was able to keep all of my assest and discharge all of my debts with the exception of my home loan, which I had to continue paying.

 

hope this helps.

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