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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2820
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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WHAT HAPPENS WHEN YOU VOLUNTARY RETURN YOUR CAR BECAUSE OF

Customer Question

WHAT HAPPENS WHEN YOU VOLUNTARY RETURN YOUR CAR BECAUSE OF YOUR JOB SLOW DOWN AND NOW CANNOT AFFORD TO PAY FOR IT DUE TO LESSER INCOME THAN WHEN I PURCHASED IT. I BARELY HAVE ENOUGH MONEY TO LIVE ON WITH ME ONLY WORKING AND HAVE 3 CHILDREN. I STILL HAVE FOUR YEARS ON THE LOAN. WHAT HAPPENS TO THE LOAN?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
If you were paying it thru the ch 13 bankruptcy case, the lender will auction it off and you will pay the remaining balance 100% thru the case. You would need to petition the court to finance something else. if you were paying the care outside of the plan, they will file a claim for the remaining balance to be paid thru your case, or else you will just owe the balance when the case is over.

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