In the last post, Auto Loans in Chapter 7 Bankruptcy Pt. I, we talked about redeeming your vehicle. Redeeming your vehicle is basically just paying the fair market value of your vehicle. However, we understand that even if your car is only worth $500, it could create a hardship to come up with the full fair […]
Auto Loans in Chapter 7 Bankruptcy Pt. I
To determine what will become of your vehicle in a Chapter 7 bankruptcy you must first determine the amount of equity in your car. Determine Your Equity For these purposes equity is defined as the value of a particular item, in this case your vehicle, after you subtract the amount owed on the item, such as your […]