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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17252
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 am going to file bankruptcy and have a vehicle upside down

This answer was rated:

I am going to file bankruptcy and have a vehicle upside down that I don't want to keep should I let it go back to the lien holder before or after I file bankruptcy I just don't want to keep paying insurance and taxes on a vehicle I cant afford to keep? will not be filing bankruptcy for a couple of months

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 :

If you do not need it you can give it to the lender and discharge any balance you may owe, it is also possible for you to allow the lender to repossess the vehicle,

WALLSTREETESQ :

and the balance that is owed would be taken care of in a chapter 7 bankruptcy even if you file a few months later.

Customer:

ok that is what I needed to know I don't have to fear that they will take me to court right away. the the negative balanced owed?

WALLSTREETESQ :

No, it would take 6 months or more before they actually litigate and try to collect on you after a repossession.

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

Customer:

ok may I ask one more ?

WALLSTREETESQ :

yes

Customer:

I also am going to let my house go with the bankruptcy and am lookin at buying another property owner finance with a contract for deed is there any issue with doing that before I file?

WALLSTREETESQ :

as long as their is no equity in the new property it is not going to be an issue,

WALLSTREETESQ :

you can also give the deed to the current lender now instead of giving the home during the bankruptcy

Customer:

no equity this is a mortgage on the property and friends loaned me the money place down for the contract for deed

WALLSTREETESQ :

how much money did you put down?

Customer:

11K

WALLSTREETESQ :

60-2301 - Real property, manufactured home, or mobile home of unlimited value, but can't exceed 1 acre in a city or town, or 160 acres on a farm. You must occupy or intend to occupy the property at the time you file for bankruptcy. (Also refer to "Const. 15-9").

WALLSTREETESQ :

the law in KS, protects your home payment and equity so you are fine

Customer:

yes I plan on living on property but I am purchasing a duplex the whole unit one side will be an income producer.

WALLSTREETESQ :

The states of Texas, Florida, Iowa, South Dakota and Kansas provide an unlimited dollar amount homestead exemption.

WALLSTREETESQ :

that should be fine,

WALLSTREETESQ :

I would try to get rid of the current home prior to the bankruptcy if possible

Customer:

you mean sell or give back to mortgage co.?

WALLSTREETESQ :

yes,

Customer:

thank you for your advice and do you know any reputable bankruptcy atty,s in the area of Topeka KS

WALLSTREETESQ :

You can find a list of local attorneys using the link above.

WALLSTREETESQ :

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

Customer:

thank you and have a great year you have helped .

WALLSTREETESQ :

If satisfied please provide us with positive feedback.

Customer:

will do

WALLSTREETESQ :

thank you

WALLSTREETESQ :

if you have any further questions please do not hesitate to ask,

WALLSTREETESQ :

If satisfied please provide us with positive feedback.

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you