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Ellen
Ellen, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 36714
Experience:  25 years of private practice
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if i file for bankruptsy, does the dealership where i got my

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if i file for bankruptsy, does the dealership where i got my car from get there money? and get the car back?

WebLaw :

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

WebLaw :

Welcome to JustAnswer,
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WebLaw :

It depends on a few factors. Do you have any equity in the vehicle? Do you want to keep the vehicle? Are you filing a chapter 7 or 13?

Customer:

i dont know what im am filing for. i still have to see if i qaulify. i have a lot of debt. student loans, medical, and two vehicles from years ago.

Customer:

i bought this car 6 months ago through a dealership that finances themselves.

Customer:

i still owe alot of money. i just been laid off and my unemployment only gives me 198 a week

WebLaw :

do you want to keep the vehicle

Customer:

i live in a small town so the highest paying job is at the local factory for a contractor that pays 9.75 an hour.

Customer:

yes i would like to keep the car but i cant afford it

WebLaw :

In both the chapter 7 or a chapter 13 bankruptcy, you can surrender the car to the secured creditor. In your situation it appears that the secured creditor is the dealership.

Customer:

i tried to return the car but they said they would reposes it and i would still owe the remaining 7 thousand

Customer:

they also tacked on a 3 thousand dollar interest along with the 7 thousand selling cost

WebLaw :

I see. The amount that remains owing on the vehicle after you surrender it would be discharged in a bankruptcy

Customer:

so they would get there money no matter what? and they cant hold me liable for any costs? also you mentioned if i wanted to keep the car. how would i do that ?

WebLaw :

If you want to keep the car you would need to catch up on your payments and continue to make the payments. The bankruptcy discharge would eliminate any debt that is still owing on the vehicle if you choose to return it

Customer:

the car is only worth 4 thousand and they charged me 7 thousand plus 3 thousand interest

WebLaw :

I understand. Have I fully answered your question

Customer:

yes

Ellen and other Consumer Protection Law Specialists are ready to help you

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