After making payments, what happens if a car is returned to the bank that was included in a bankruptcy?
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After making payments, what happens if a car is returned to the bank that was included in a bankruptcy?
I originally decided to keep the car that was included in my filing. If I gave the car back to the bank would I be liable for what is still owed on the car?
Asked on October 11, 2011 under Bankruptcy Law, California
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
That depends on whether you entered into a valid reaffirmation agreement with the vehicle's creditor. If you did, then you owe whatever is owed on the vehicle regardless. If you didn't, then you owe nothing further on it after it is returned.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
That depends on whether you entered into a valid reaffirmation agreement with the vehicle's creditor. If you did, then you owe whatever is owed on the vehicle regardless. If you didn't, then you owe nothing further on it after it is returned.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr
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