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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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i recently filled chapter 7 there is car involved there is

Customer Question

i recently filled chapter 7 there is car involved there is loan that is in my fathers name.i am only on the title.my lawyer told me about ach withdrawls .i know creditors cannot take any money from my checking account.my father has an ach set up with his checking account.for that car payment does my bk stop ach withdrawls from his account.even though in just on the title.it concerns me because i did have to list the car as an asset even though i am not on the loan but on the title?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

You should have reaffirmed the loan to the car, if you did that the payments will continue to the car, and if their is little equity in the car you would be able to keep it.

WALLSTREETESQ :

Also, if you can prove that the car is your fathers, and he is he person who uses the vehicle it is possible the trustee may not consider it as your asset.

WALLSTREETESQ :

If you are not on the loan,

WALLSTREETESQ :

and did not list the loan on your petition as a creditor, the payments should still be accepted.

JACUSTOMER-2h0j9632- :

i did have to list it as an asset

WALLSTREETESQ :

that is fine, did you exempt it as well,

JACUSTOMER-2h0j9632- :

yes

WALLSTREETESQ :

The Illinois motor vehicle exemption allows you to protect $2,400 in car equity if you file for bankruptcy. You can also use Illinois' wildcard to protect car equity.

WALLSTREETESQ :

The wild card is another $4000,

WALLSTREETESQ :

so if you have less then 6400 in equity in the car it would be exempt, and you can keep the car

JACUSTOMER-2h0j9632- :

im concerned about ach withdrwalls

WALLSTREETESQ :

they will not be an issue,

WALLSTREETESQ :

if the car payments are coming from your father,

WALLSTREETESQ :

and is going to the lender it should not be an issue,

WALLSTREETESQ :

also, if you reaffirmed the loan,

WALLSTREETESQ :

the lender would accept it

JACUSTOMER-2h0j9632- :

so the payment will go trew with no problem

WALLSTREETESQ :

i do not see any issue, unless you stated you would surrender the vehicle to the lender,.

JACUSTOMER-2h0j9632- :

no i did not

WALLSTREETESQ :

so if payments are current, and you are not on the loan, they will be accepted.

JACUSTOMER-2h0j9632- :

thank you

WALLSTREETESQ :

Good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

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