If my fiancee is currently in bankruptcy, including a car he owns that was involved in an accident, if the car is a total lose who gets the payoff check?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my fiancee is currently in bankruptcy, including a car he owns that was involved in an accident, if the car is a total lose who gets the payoff check?
Asked on August 5, 2012 under Bankruptcy Law, Georgia
Answers:
Matthew Cherney / Cherney Law Firm, LLC.
Answered 12 years ago | Contributor
If your fiancee is in an active Chapter 13 case, the lien holder or loss payee would be entitled to unpaid balance on the loan. If there are any proceeds (monies in excess of the lien holder's claim), they are property of the estate. Your fiancee would have to file a motion in court to retain those proceeds.
Terence Fenelon / Law Offices of Terence Fenelon
Answered 12 years ago | Contributor
If there is a balance owed on the car at the time of the loss, the loss payee, usually the lender, would be entitled to reimburement to the extent of the unpaid loan with the remainder, if any, payable to your fiance. Any amounts due for medical or personal injury would be payable to your fiance. Usually, those are two seperate claims and checks
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.