Can I Keep My Car If I File Chapter 13 Bankruptcy in Queens

1
Would I Be Able To Keep My Automobile

• If I File Chapter 13 Bankruptcy?

2
If I File Chapter 13 Bankruptcy?
Most of the time, an individual is permitted to
keep the cars and motor vehicles in Chapter 13.
But, if your automobile payment or perhaps the
nonexempt equity in your car is exceedingly high,
this might not be doable. As outlined by Queens
Bankruptcy attorney, Chapter 13 plan allows a
person to catch up on financial debt in case an
individual is behind on their car loan payments.
Attorney David Shapiro is an expert in this
section and states that a person can keep their
property in a Chapter 13 bankruptcy, however
should pay to their creditors over a period of
time that may range from three to five years.
But, if you will be able to keep your vehicle or
not would depend on how fair your automobile
payment is. The nature of car loans and
depreciation causes reduced vehicle equity, and
if an individual has got plenty of nonexempt
equity on the vehicle, it may hamper their
repayment schedule under Chapter 13. The
repayment plan should show all your disposable
cash excluding the necessary living expenses. The
top mode is to talk to a top Queens Bankruptcy
lawyer David Shapiro in case you have a vehicle
and are filing for Chapter 13 bankruptcy.
3
If I File Chapter 13 Bankruptcy?
Declaring bankruptcy under a Chapter 13 might
enable a person to pay their automobile loan at a
more economical rate so they don't lose their car
to collectors. One could make use of the
bankruptcy rules to keep their vehicle if they
are behind on car installments. An individual
could file for Chapter 13 bankruptcy to have
their automobile back, in case the lender has
taken back your automobile but not yet sold it.
As reported by Queens Legal Help, you must show
to the court that you will need a car to finish
your bankruptcy and require it to travel to your
job and can manage to pay for Chapter 13 plan
payments. There may be cases when your lender
repossesses your vehicle and according to the
laws of your state, he will wait for a certain
period. After that, he is free to sell your
automobile, but will give you a notice before
doing so. Therefore, in case the lender has sold
the vehicle already to a third party, you will
not be able to get it back in bankruptcy. But if
he has still not sold the automobile, one could
always file for Chapter 13 bankruptcy to acquire
their vehicle back.
4
If I File Chapter 13 Bankruptcy?
When you file for Chapter 13 bankruptcy, you can
stop the loan provider from selling the
automobile and catch up on the missed payments
with the aid of a repayment schedule. The moment
you file your case, an automated stay will
restrict the loan provider from selling your
vehicle. This means that the loan provider won't
be able to sell a car without receiving approval
from the court. In case you need a car and want
to keep it under Chapter 13 bankruptcy, you need
to confirm that you could manage to pay off the
loan and make the repayment schedule. However,
the court needs to accept your plan and you are
also needed to present sufficient protection to
the lender from devaluation.
5
If I File Chapter 13 Bankruptcy?
Zelenitz, Shapiro D'Agostino, P.C. 138-44
Queens Boulevard Queens, New York 11435 (718)
599-1111 http//www.queensbankruptcylawyers.com/