• 목록
• 답변
• 글쓰기
• 게시판 리스트 옵션
  • 수정
  • 삭제

Open navigation Main Menu Mortgages

refinancing your current loan Finding the best lender Additional Resources
Looking for a financial advisor? Take our 3 minute quiz and match to an adviser today.



Main Menu Banking

Compare Accounts Use calculators Get advice Bank reviews
Looking for a financial advisor? Try our three minute test and then match up to an adviser today.



Main Menu Credit cards

Compare with other categories Compare with credit requirements Compare with issuers Get advice
You're looking for the perfect credit card? Find it with CardMatch(tm)



Main Menu Loans

Personal Auto Loans and Loans for Students Loan calculators
Find a personal loan within 2 minutes or less. You can also answer a few questions to receive offers with no effect on the credit rating.



Main Menu for Investing

Best of Brokerages and Rob-Advisors. Learn the basics Additional information
Looking for a financial advisor? Take our 3 minute quiz and connect the advisor you want today.



Main Menu Home equity

Get the best rates Lender reviews. Calculators. base
Looking for a financial advisor? Take our 3 minute quiz and connect the advisor you want today.



Main Menu Real estate

Selling a house Buying an investment property Locating the right agent resources
Looking for a financial advisor? Try our three minute test and connect with an advisor today.



Main Menu Insurance

Car Insurance Homeowners insurance Other insurance reviews of the company
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.



Main Menu Retirement

Retirement accounts and retirement plans Learn the basics Retirement calculators Additional sources
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.



The search is open and closed.

Submit


How to file for bankruptcy and keep your car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. But this compensation does affect the content we publish or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be open to you.



SHARE:

Tetra Images/Getty Images
5 minutes read. published on March 20, 2023.
Written by Mia Taylor Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and well-researched content that breaks down otherwise complex topics into digestible chunks.









The promise of the Bankrate promise
More info
At Bankrate we are committed to helping you make smarter financial decisions. We adhere to the highest standards of editorial integrity ,
This article may include the mention of products made by our partners. Here's a brief explanation of how we make money .

The Bankrate promise
Founded in 1976, Bankrate has a long experience of helping customers make smart financial choices.
We've earned this name for more than four decades through demystifying the financial decision-making
process, and giving people confidence in which actions to take next. Bankrate follows a strict ,
You can rest assured that we'll put your interests first. All of our content was written with and edited ,
They ensure that what we write is objective, accurate and trustworthy. Our loans reporters and editors concentrate on the points consumers care about most -- the different types of lending options and the most competitive rates, the most reliable lenders, how to repay debt, and more -- so you'll be able to feel secure when investing your money.



Editorial integrity
Bankrate has a strict policy , so you can trust that we put your interests first. Our award-winning editors and reporters create honest and accurate content to assist you in making the right financial choices. Our main principles are that we value your trust. Our aim is to offer readers accurate and unbiased information. We have editorial standards in place to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you're receiving is accurate. We have a strict separation between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU as the reader. Our aim is to provide you the best advice to assist you in making smart personal financial decisions. We adhere to rigorous guidelines that ensure our content isn't in any way influenced by advertising. Our editorial team receives no directly from advertisers, and all of our content is fact-checked to ensure accuracy. So, whether you're looking at an article or review, you can be sure that you're getting reliable and reliable information.



How can we earn money?
You have money questions. Bankrate has answers. Our experts have helped you understand your money for over four decades. We strive to continuously provide consumers with the expert advice and tools needed to make it through life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. The content we create by our editorial team is objective, factual, and not influenced through our sponsors. We're transparent about the ways we're capable of bringing high-quality information, competitive rates and useful tools for you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products or services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may influence the manner, place and when products are displayed within the listing categories, unless prohibited by law for our mortgage, home equity and other home loan products. Other factors, like our own rules for our website and whether the product is available within your area or at your self-selected credit score range can also impact how and when products are featured on this site. We strive to provide an array of offers, Bankrate does not include details about every credit or financial product or service.



If you're thinking about it alternatives, there are some which can prevent your vehicle from being repossessed even if you haven't paid off your auto loan. In several states, you could be able to stay away from repossession of your vehicle through bankruptcy code exemptions, but the rules vary from state to state. Do you have the ability to safeguard your car by filing bankruptcy?
Both Chapter 7 and Chapter 13 bankruptcy have provisions that you could be able to keep a vehicle that you bought with a secured loan.


How to keep your car through Chapter 7 bankruptcy Car loans are secured, which means the car is used as collateral to secure the loan. Because the vehicle serves to serve as collateral for the loan, it could be taken away by the lender when you do not make payments on the debt. However, under Chapter 7, the most well-known bankruptcy for people has a number of options to hold on to your car. "To maintain a car when going through Chapter 7, the debtor has to be current and up to date with his lender and perform a'redemption that involves paying off the lender or performing an 'affirmation' that may require altering the loan terms, but this will require lender permission," says Lamar Hawkins an attorney for bankruptcy at Guidant Law. Here's how redemption and reaffirmation works: Redemption: The process of pursuing redemption is a way to pay your creditors for the car's actual reasonable market value. If you can afford to do this, it may make life easier in the future because you'll no longer have to pay for car loans. However, since most people file for bankruptcy at a time when cash is not readily available it's not an option that is feasible. Reaffirmation: This option permits you to continue making payments on your loan prior to filing for bankruptcy. In reaffirming your debt, you agree to make payments according to a timetable set by both you and your lender and may also include revised loan terms. Tips from Bankrate
If neither of these options is a good fit for you financially then you may be able to sell your car to the creditor and get the debt wiped off.


"When you are granted an Chapter 7 Discharge, you are no longer liable for personal obligation to pay the loan," says Pennsylvania-based bankruptcy lawyer Dai Rosenblum. "All the creditor can do is seize their collateralthe car. They cannot sue you for money." Bankruptcy exemptions When you file to file for Chapter 7, your assets are liquidated or sold to pay your creditors. However, a bankruptcy court permits you to keep a specified amount of your property up to a specific monetary value, according to Debt.org. This is known as an "exemption." The federal exemption limit is $4,000. However, many states have their own exemption limits that must be followed Certain states' exemptions exceed more than $4,000 while some are less. Your value for your vehicle in a bankruptcy filing is not based on what you paid for it. In the majority of states, value is tied to the value of the car's cash value depending on factors such as the car's year, make and mileage. Automotive industry sources such as Kelley Blue Book or Edmunds can be used to determine the value of your vehicle. If your car's current value is less than your state's exemption limits, then you'll be able to keep your car though you're filing for bankruptcy. On the other hand when the vehicle is more valuable than the exemption, the bankruptcy trustee could decide to sell the vehicle to repay your debts. Here's how it works If the exemption for your state is $4,000 and your car's value is $2,000, you will likely be allowed to keep the vehicle since it's less valuable than the exemption. If, on the other hand the exemption for your state is $4,000 and your vehicle is valued at $10,000, the bankruptcy trustee can sell the car and make use of the proceeds to pay off debt. Reasons you wouldn't keep your car in Chapter 7 bankruptcy Keeping your car may not always be feasible when you file Chapter 7 bankruptcy. Plus, sometimes it simply doesn't make sense financially to try and hang on to the vehicle. When sorting through these questions the worth of your car as well as your equity in your car are crucial factors. Car equity and bankruptcy Similar to a mortgage for an investment property equity is calculated by subtracting what you still owe on the car loan from the vehicle's actual market price. "For instance, if you own a vehicle with an estimated fair market value of $10,000 and the $1,000 loan amount, you'll have $9,000 of equity," says Rosenblum. In the event that your equity amount is higher than the exemption the bankruptcy trustee can choose to sell the car and apply the proceeds toward paying off debts. It's not financially sensible keeping the vehicle. Finally, it's also worth bearing the fact that the vehicle's current fair market value is included in the loan and you want to keep the car will not be a wise financial move. "Very often, the loan balance is greater that the worth of the vehicle and, if there is no way or the desire to keep the car, the bankruptcy filer will let go of the vehicle," says Michael Sullivan, a personal financial consultant with the nonprofit financial counseling agency Take Charge America. How do you keep your car during Chapter 13 bankruptcy Chapter 13 bankruptcy also gives you several options for keeping your vehicle. "The Chapter 7 framework is the basis for Chapter 13," says Rosenblum. "But with Chapter 13, you reorganize your debt." Creating a payment plan As component of Chapter 13 debt reorganization, the three-to-five-year repayment plan will be created that takes into consideration your earnings and assets. The purpose in this Chapter 13 process is to allow you to keep your possessions, including your car, and pay off your debt. In addition, if you're late in your payments, the program will oblige you to catch up and pay on time moving forward. The conditions of your loan The court could also require that the lender revise the car loan terms, including lowering the interest rate, which can help you keep the vehicle. If the terms are changed, the monthly installments will be less. "A restructuring of the debt owed to the lender is possible via a Chapter 13 plan, and market conditions can be imposed upon a lender," says Hawkins. The reduction of the loan balance The process of changing auto loan conditions as part in Chapter 13 may also include the process called a "cramdown," which reduces the amount you have to pay the lender to the car's fair market value. The timeframe of your car purchase is an important factor in the process of cramdown. Particularly, there is a 910 rule that applies to the cramdown process. Cars that are newer: If you bought your car within 910 days of your bankruptcy filing, you must be able to pay the entire amount of the loan however, the rate of interest may be reduced. Older cars: If purchased your vehicle more than 910 days prior to filing for bankruptcy, you're only required to pay back the vehicle's fair market value. There are a variety of reasons why you should not keep your car in Chapter 13 bankruptcy In certain situations, it might not be feasible to keep your car when pursuing Chapter 13, or hanging on to the car may not be the best option. Some instances where this might hold true include: The loan has been in arrears and you do not have the financial resources in order to make the loan up to date or to make ongoing monthly payments. In this situation, you may have to sell the car. The car isn't in good shape or is not reliable. In these conditions, giving up the car may be a better option. The car is extremely valuable and selling it could provide cash to pay off your outstanding debts. You own a substantial equity in the car that is greater than the bankruptcy exemption levels in your state. The final result Filing bankruptcy does not mean that a car bought with secured loan can be taken away. In both Chapter 7 and Chapter 13 bankruptcy laws, there are provisions to protect your vehicle. Consulting a bankruptcy attorney can assist you in deciding the bankruptcy strategy that is most appropriate for your financial circumstances.


SHARE:
Written by a Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied information that breaks down otherwise complex topics into digestible chunks.






Auto loans editor




Related Articles Auto Loans 4 min read Apr 22 2022

Auto Loans 3min read Apr 06 2022

Debt 2 minutes read on Sep. 01 2021

Financial Personal 2 minutes read Apr 23 2013.






About
Help
Legal Cookie settings Don't share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services or for you clicking certain links posted on our site. Therefore, this compensation may impact how, where and in what order products are displayed within the categories of listing, except where prohibited by law for our mortgage or home equity, and other products for home loans. Other factors, like our own proprietary website rules and whether the product is available within your area or at your personal credit score can also impact how and where products appear on this website. Although we try to provide a wide range offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|

(c) 2023 Bankrate, LLC. It is a Red Ventures company. All Rights reserved.

Should you loved this post and you want to receive details about payday loans online no credit check same day canada (bestbanksqe.site) assure visit our web site.