Category: Vehicles
By Michael Doan on Apr 6, 2008 in Bankruptcy Practice and Procedure, California, Chapter 7 Bankruptcy, General Bankruptcy Information, Personal Property, Protecting Assets In Bankruptcy, Redemption of Assets, Surrendering Property, Vehicles | 0 Comments
11 USC 722 of the Bankruptcy Code codifies the power to redeem secured assets. In layman’s terms, this means you can make a lump sum payment and pay off the entire balance for the fair market value of the asset.
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Popularity: 34% [?]
By Michael Doan on Apr 6, 2008 in Bankruptcy Myths, Bankruptcy Practice and Procedure, Benefits of Bankruptcy, California, Chapter 7 Bankruptcy, General Bankruptcy Information, Life After Bankruptcy, Personal Finance, Personal Property, Reaffirmation of Debts, Surrendering Property, Vehicles | 0 Comments
In most cases, No. In most cases, the value of the car is significantly lower than the debt against it. Sort of like our housing market……and look at the mess thats causing in real estate since values are now less than the loans securing it! So if you don’t want to go bust like all [...]
Popularity: 46% [?]
By Peter Orville, Attorney at Law on Mar 22, 2008 in Bankruptcy Practice and Procedure, Chapter 13 Bankruptcy, General Bankruptcy Information, Role Of The Lawyer, Vehicles | 0 Comments
Generally, if a creditor doesn’t file a proof of claim in a timely fashion in your Chapter 13 case, that creditor does not get paid. If it is a dischargeable debt, and if the creditor got proper notice of the Chapter 13, the debt will be discharged at the end of the case.
So why would [...]
Popularity: 16% [?]
By Kevin Gipson, New Orleans Bankruptcy Attorney on Mar 20, 2008 in Bankruptcy Cases of Interest, Chapter 13 Bankruptcy, Decisions of Interest, General Bankruptcy Information, Lawyer to Lawyer, Louisiana, Vehicles | 0 Comments
In Drive Financial Services, L.P. v. Jordan the United States Court of Appeals for the Fifth Circuit was called upon to address whether changes made to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) which gave greater rights to secured motor vehicle creditors superseded the decision of the United [...]
Popularity: 20% [?]
By Peter Orville, Attorney at Law on Mar 7, 2008 in Benefits of Bankruptcy, Foreclosure Issues, General Bankruptcy Information, Personal Finance, Surrendering Property, Vehicles | 0 Comments
Think about giving up your vehicle when you file bankruptcy if you owe more than the vehicle is worth.
Some days it seems that more of my clients tell me they MUST keep their car than tell me they can’t lose their home. “How will I get to work?”… “I need a reliable vehicle”… ”I can’t lose my vehicle”. [...]
Popularity: 29% [?]
By Jonathan Ginsberg, Atlanta Bankruptcy Attorney on Mar 6, 2008 in General Bankruptcy Information, Personal Property, Protecting Assets In Bankruptcy, Vehicles | 1 Comment
I received this question from a reader of my Georgia Bankruptcy web site. This question has to do with title ownership vs. “real ownership.” I get this question frequently - what do you think my reader can do?
I have two friend’s cars in my name because when they each got there income tax refunds this [...]
Popularity: 20% [?]
By Jonathan Ginsberg, Atlanta Bankruptcy Attorney on Mar 4, 2008 in Chapter 13 Bankruptcy, Vehicles | 0 Comments
What happens to your car loan if your Chapter 13 gets dismissed three or four years into your plan. I recently received a question about this on my Atlanta Bankruptcy blog. The debtor, named Melanie, is a single mom who lost her job following knee surgery. Now her case is dismissed and [...]
Popularity: 17% [?]
By Michael Doan on Feb 10, 2008 in Bankruptcy Practice and Procedure, California, Chapter 7 Bankruptcy, General Bankruptcy Information, Personal Property, Reaffirmation of Debts, Vehicles | 1 Comment
On February 6, 2008, the Ninth Circuit Bankruptcy Appellate Panel issued its ruling confirming the Bankruptcy Courts decision that Ride Thru no longer exists as a result of the new Bankruptcy Laws that went into effect on October 17, 2005. So what does this mean?
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Popularity: 38% [?]
By Michael Doan on Jan 13, 2008 in Bankruptcy Practice and Procedure, California, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy Information, Surrendering Property, Vehicles | 0 Comments
Most people seem to think that after filing bankruptcy, its next to impossible to obtain financing on a new car. WRONG! In many cases, its actually easier! How could this be?
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Popularity: 43% [?]
By Cathy Moran, California bankruptcy lawyer on Jan 10, 2008 in Bankruptcy Cases of Interest, California, Decisions of Interest, Vehicles | 0 Comments
The 9th Circuit Bankruptcy Appellate Panel has just decided Ransom, holding that a debtor cannot take an ownership allowance with respect to a car that is lien free.
Like so much of the poorly written BAPCPA, the means test provision for an “ownership allowance” has been subject to contrary court decisions. The issue is whether a [...]
Popularity: 34% [?]
