In a chapter 7 bankruptcy, if your car is financed, you can surrender it (return it) to the lender. the loan is discharged, so you have no more car loan, but also no more car. if you file chapter 7 and are current on payments, you can keep the car if your equity is protected under state law. if your equity isn't protected and or you're behind. Pay less for a financed car using chapter 7 "redemption". suppose you owe $10,000 on your car loan, but the car is worth only $5,000. you can redeem the loan by paying the lender $5,000 to keep your vehicle free and clear. the benefit of redemption is you'll pay less if you owe more than the car is worth.
If there’s a lot of moisture outside and your gas tank is only ¼ full, then condensation will begin to build up. as you know, oil and water do not mix! because of this, water sinks to the bottom of the fuel tank, where it is then pumped into the engine — ultimately causing engine corrosion. during the winter, condensation can cause even. Because his state will let him use the motor vehicle exemption to exempt up to $5,000 of vehicle equity, the chapter 7 bankruptcy trustee can't sell kevin's car ($7,000 value – $5,000 car note = $2,000 equity). kevin can file chapter 7 and keep his car. example 2. sonya owns a harley worth $15,000, free and clear. Key takeaways. chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. the federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by. If it is higher, the bankruptcy trustee may decide to sell the car to help pay your unsecured debt. you would keep the amount of the exemption, with the rest going towards debt. as an example, let’s say your state exemption is $7,000, and your car is worth $6,000. you can keep your car, because the exemption is higher.
Key takeaways. chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. the federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by. If it is higher, the bankruptcy trustee may decide to sell the car to help pay your unsecured debt. you would keep the amount of the exemption, with the rest going towards debt. as an example, let’s say your state exemption is $7,000, and your car is worth $6,000. you can keep your car, because the exemption is higher. Insurance companies “total” a car when the cost to repair the damage exceeds the vehicle’s book value at the time of the crash. it’s a function of basic math and the regulations in your. Published 8 january 2015. in features. here's the single most reliable way to save money on cars: keep your clunker and drive it till it drops. a decently cared for vehicle should still be running.
Insurance companies “total” a car when the cost to repair the damage exceeds the vehicle’s book value at the time of the crash. it’s a function of basic math and the regulations in your. Published 8 january 2015. in features. here's the single most reliable way to save money on cars: keep your clunker and drive it till it drops. a decently cared for vehicle should still be running.
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