Comments on: Is it legal to sell a car you filed bankruptcy on? http://bankruptcystressrelief.com/help-with-bankruptcy/is-it-legal-to-sell-a-car-you-filed-bankruptcy-on Facts, Tips, Links For Those Facing Bankruptcy Sat, 19 May 2012 15:02:04 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Dan B http://bankruptcystressrelief.com/help-with-bankruptcy/is-it-legal-to-sell-a-car-you-filed-bankruptcy-on/comment-page-1#comment-712 Dan B Wed, 11 Aug 2010 18:52:59 +0000 http://bankruptcystressrelief.com/help-with-bankruptcy/is-it-legal-to-sell-a-car-you-filed-bankruptcy-on#comment-712 Credit cards are unsecured debt - that is there is no collateral that can be seized to satisfy the debt. Even though the car was purchased with the credit card, the car can't be seized. So the owner of the car can do whatever they want with the car. There's no paperwork linking the car to the credit card debt. However, you should be paying the previous owner for the car, not to the credit card company. And you better be using a check or some form of traceable instrument. You still owe the debt. Their filing has no impact on your debt obligation. They must declare your payments as income for BK purposes. If you fail to pay, the BK court can issue a judgment against you (if they know about it).<br><b>References : </b><br> Credit cards are unsecured debt - that is there is no collateral that can be seized to satisfy the debt. Even though the car was purchased with the credit card, the car can’t be seized. So the owner of the car can do whatever they want with the car. There’s no paperwork linking the car to the credit card debt.

However, you should be paying the previous owner for the car, not to the credit card company. And you better be using a check or some form of traceable instrument.

You still owe the debt. Their filing has no impact on your debt obligation. They must declare your payments as income for BK purposes. If you fail to pay, the BK court can issue a judgment against you (if they know about it).
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]]> By: mccoyblues http://bankruptcystressrelief.com/help-with-bankruptcy/is-it-legal-to-sell-a-car-you-filed-bankruptcy-on/comment-page-1#comment-711 mccoyblues Wed, 11 Aug 2010 18:07:59 +0000 http://bankruptcystressrelief.com/help-with-bankruptcy/is-it-legal-to-sell-a-car-you-filed-bankruptcy-on#comment-711 If you have the title in your name the car is yours. You own it legally. If you made a contract with a friend (verbal or written) to pay for the car you are still 100% obligated to pay back the debt to your friend. His bankruptcy doesn't affect the arrangement you made with him. If you owe him money you need to pay it back. All of it.<br><b>References : </b><br> If you have the title in your name the car is yours. You own it legally.

If you made a contract with a friend (verbal or written) to pay for the car you are still 100% obligated to pay back the debt to your friend. His bankruptcy doesn’t affect the arrangement you made with him.

If you owe him money you need to pay it back. All of it.
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