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cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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Would my CareCredit card (used for medical/dental expenses)

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Would my CareCredit card (used for medical/dental expenses) be treated just as any other credit card if I file ch. 7 bankruptcy? What about a down payment owed on a vehicle, if say the actual auto loan is through the financial institution but the down pament is owed to the dealership? Or would they then be able to re-po the vehicle?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Is the down payment owed to the dealer secured by your car? In other words, is there a lien for the dealer on the car title?

Customer: replied 5 years ago.

Well, both the financing and down payment are through Nissan, but it was explained to me that they were two seperate idunno if that helps?


Expert:  cfortunato replied 5 years ago.

The money owed to CareCredit would be treated the same as unsecured credit card debt.

If the downpayment is secured by your vehicle - and it probably is - the car can be repossessed if it is not paid - even if you file a Bankruptcy - but not while the Bankruptcy is in progress. The lender would have to wait until the Bankruptcy is closed (around 6 months after it is filed).

cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
how do I find out if the downpayment is secured by my vehicle?
Expert:  cfortunato replied 5 years ago.

Thank you for accepting my answer!

The security agreement would be in the contract that you signed for the downpayment.

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