Legal Question in Wills and Trusts in Illinois
I have a 2003 blazer truck i have paid 19,000.00 for i lose my job and has not made a payment in 5 months i owe 7000.00 on it really 6000.00 but late charge i have decide to file bankrutcy to be able to keep my truck what will happen once i file it and seen the papers to the financial company.
2 Answers from Attorneys
Thank you for your question. If you file a Chapter 7 bankruptcy, the lender will repossess the vehicle. Alternately, if you file a Chapter 13 bankruptcy, you will be able to keep the truck. The past due balance will essentially become part of the "pot" that you will pay back a percentage of over the course of three or five years. Thus, if you want to keep the car, a Chapter 13 would likely be your best option. Please let me know if you wish to discuss further. I can be reached via email at: [email protected]
If you file a bankruptcy case, you may not be able to keep your truck or it may not be worth it to keep the truck.
You really need to have your whole situation evaluated
Related Questions & Answers
-
Does a deed need to be signed by both co-executors? Asked 11/23/09, 11:26 am in United States Illinois Probate, Trusts, Wills & Estates
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
