Legal Question in Bankruptcy in Texas

auto

I am behind payments on my vehicles and have a good case for bankruptcy. can I file bankruptcy without bringing my car payments up to date and still keep the vehicles?


Asked on 10/02/01, 2:10 am

2 Answers from Attorneys
Cole Fulks Cole Fulks, P.C.

Re: auto

Nope. You could file Chapter 7 and discharge the debt after the autos are repossessed, or you could file a case under Chapter 13 and put your missed payments AND your monthly payments through the proposed repayment plan, but you can't have your cake and eat it, too. Sooner or later you are going to have to either pay the amounts owed, or give up the cars.

Read more
Answered on 11/07/01, 11:06 pm
David Sergi Sergi and Associates PLLC

Re: auto

It seems to me that you can file a Chapter 13 and then use the Chapter 13 plan to make up your old payments. You can also strip back the value of the car some if you are upside down in the car (ie its retail value is more than you owe). If they repo your car you have 10 days to fle Ch. 13 and get the car back. If you are in the Austin/ San Antonio area I would be pleased to help.

Read more
Answered on 11/07/01, 11:27 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Texas