Ask an Australia Law Question, Get an Answer ASAP!
No, i dont own property, sorry.
I may have misinformed you with property, i meant property as in personal belongings.
I.e counches, bed,t.v .. ect....
The car, but that wasnt enough to get the loan passed.
So, personal belongings. Furniture, ect. I can't remember exactly. i don't have the paper work.
I would like to know the easiest way out.
If i declare bankrupt for the car how does that work please explain?
When i sign the Chapter 7 i was told i couldnt include a personal loan?
I thought with voluntary repossession if i filed for bankruptcy 910days after i signed my personal loan i would only have to repay the market value of the car. So the difference after it was auctioned?
What is your understand with voluntary repossession? compared to filing bankruptcy for the car?
What is the easiest way out cost wise?
So even though im bankrupt i can file for bankruptcy for the amount owing?
I wouldnt be able to sell my car myself as it would have a cavet on it because the loan is secured by the car........ So who would buy a car with money owing on it?????
So if i hand the car back to them, because im already bankrupt and the loan was signed more than 910days ago, what do i owe them?
The remainder of the loan? (bankruptcy) or the market value of the loan? (voluntary repossession)
Do i have both methods clear? or am i misunderstanding?
& if i hand the car back to them, what right do they have to reposes property "furniture"?(which i dont have ) for the remainder of money owing?
Thank you for ur help.
I have one more question... Do we have the 910 rule in Australian law?
If the car is over 30 months(910 days) old the courts will order you to pay the lender the current value of your vehicle, regardless of whether or not your loan balance is higher. You'll negotiate a new repayment plan with your credit to ensure your payments for that amount are manageable.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).