Posted by: admin in chapter 13 bankruptsy rules on
sparkey asked:
i need to return my truck which i owe 24,000.00 on. i cannot afford it anymore. what are my other options?
Responses are currently closed, but you can trackback from your own site.
i need to return my truck which i owe 24,000.00 on. i cannot afford it anymore. what are my other options?
First lets address your Chapter 13 Bankruptcy question. Yes, you have to pay a good sum of the money back in a Chapter 13 Bankruptcy. That is the difference between a Chapter 7 and 13. In a Chapter 7, the trustee can liquidate anything you have of value, such as your home a free and clear car, jewelery, stocks, bonds, investments, etc… and then use this money to pay back your debtors. If you have nothing, then the trustee collects nothing and no one is paid back anything, your bankruptcy is discharged and done and over with. With a Chapter 13 though to save yourself from having any of these items liquidated and lost, you will be set up on a 5 year payment plan to pay back whatever the trustee comes up with. With the new bankruptcy laws filing Chapter 7 is now harder than it used to be and some people have to file Chapter 13 instead of 7.
Now on to the second part of your question, you can try selling the truck on your own to get back what you owe on the truck and get rid of the payment that you can no longer afford. You can talk with the dealer to see if they will buy it back for what you owe. If they will not you can do a voluntary repo and return the truck to them and just be responsible for the difference. You can sell the truck on your own and just simply make up the difference between what you get for the truck and what is still owed on the truck. Good luck and I hope this info. helps out.
Filing bankruptcy is soooo expensive these days.
Check out
this is a credit help site. They can help you get your credit back into gear without filing bankruptcy.
Best of luck!