Bankruptcy and auto loan

Before filing bankruptcy, you should be well aware of the results, that' s going to fetch in. According to me, it should be the last recourse and it should not be used as a debt management tool.

You can acknowledge the loan agreement with the lender, if your car is protected by the state or federal bankruptcy exemption.

Once you allow the finance company or lender to repossess the vehicle they will auction it and deduct the auction price from the balance that you owe and if the auction price is lower than the loan balance, then you will be accountable to pay the deficiency balance.

i have a question i know a day late and a dollar short, but did you not see this coming?, why would you buy a new car with bunch of debt you cant afford?, you could have bought a good used car and not worried about it if you filed bankruptcy on everything else.

Come on man, are you serious ? There is absolutely no need for a fool comment like that ANYWHERE IN THIS FORUM!!! do you really think that your comment helps this person in any way shape or form? There may be many reasons this happened maybe denial was one or false hope or whatever !! YOUR POST WAS WAY MORE REDIQULOUS THAN ANYTHING IVE EVER SEEN IN HERE IT ACTUALLY IS THE MOST IGNORANT! I'm glad you have your life together and are sitting flawless on top of the hill passing judgment, and NO CITS NOT ME OR NO I NEVER MET THIS PERSON, bit after all mr supreme intellect, there's only one kind of person living on the hill, A FOOL!!

You can file a Chapter 7 but it depends on your income. If you cant pay for the vehicle call whoever you have it financed through and tell them to pick it up! Its very simple, they will sell your car at auction and then you will be responsible for any remaining amount, that amount you can charge off. If you want to keep this car and file you can do that too.