How does california bankruptcy affect owning a car?
923822
You are allowed to own a vehicle. \nHowever the value of that vehicle (or the equity in a financed vehicle) must be equal to or less than the state's allowed exemption.\nIn California, depending on which exemption table used, that value is either $1900 or $2775.\nKeep in mind that if your vehicle is financed, you probably do not have the amount of equity that would cause a problem. Most vehicles depreciate so much, so fast, you would probably owe more than the car is worth until the very end of the loan.\nAdditionally, if your car IS financed, you can keep the vehicle only if you continue to make the required payments. Because a car loan is a Secured loan, if you choose to no longer make payments, the bank can (and will) take steps to claim the collateral (your car).
796474
The state rules generally apply to what your exemptions are...or what you are allowed to protect after you file for bankruptcy.  \n\nYou still have to follow the general US bankruptcy laws.  If your income is high you won't qualify for chapter 7, and will have to repay a portion of the debts.
763631
Well, collections go off your record in 7 years and bankruptcy will stay on for 10 and from what I hear the rules on BK have changed and they will try and make you pay it back.\n\nAnd, $18,000 debt seems like a lot to you but actually it's what an average car costs so you will be able to pay that someday.  In the future you will regret the damage it will do and the suffering you will endure for claiming BK for such a small amount.  I claimed for $40,000, 3 years ago and still regret it!\n\nYou are not going to be making $8 an hour forever.  Don't throw up your hands and quit just yet.  Pick two cards and make minimum payments to keep them in good standing and go to contact your utility companies to see if there is a way to get discount rates for low income.  Then good grief... Go find a better paying job!  You must have some skills, if not then go to one of those trade schools to learn how to keep books for someone.  Those schools have financial aid departments and will help you get scholarships and grants.\n\nOh, I see you asked a question about California.  If you are in CA then there are a lot of programs to help you get your bills down.  Hopefully you have already registered with the housing office to get on the waiting list for Section 8.  If not, do that on Monday.  There are also programs with most cities to help low income families and especially those that have just moved to the area  And $8 in CA?  There are a lot more opportunities to be making more here.  You need to go to a Apple One or some other temp or temp-to-hire agency and let them find you a job.  Do that on Monday too!  Go to the Salvation Army and see if they can help you out too.  Take the bus if you have to.
1043686
I can say that the pro's are that you can have a lesser payment monthly for most of your credit problems, but since the new law change in 2005, a lot has changed.  Payments such as house, rent, utility bills, can't be placed on it, and it stays on your credit for atleast 10 yrs.  Everything you are in debt for has to be placed on record, so, depending on how much that is and how much your income is, you still may not be able to file bankruptcy.  Also, it's not cheap to file regardless to what legal services may tell you.  Once filed, everything of substantial cost has to be approved thru your Trustee's office.  You'll pay almost twice as much for anything of credit, if it's excepted, for a very long time.  The main thing is that if you decide to file bankruptcy to hold on to items like cars, trucks, house, and get behind for any reason, it will still be taken after making this effort.  So, unless there is absolutely no other way, by contacting the creditors and working out a lesser payment till caught up, (your best option), don't do it. It would be better to show good faith in taking care of your obligations, (stop charging on cards, go out less to eat, get rid of the cable, and other things that are not a must), and pay the agreed payments on time, than to get farther behind and do nothing.  Creditors respond to that type of attempt.  Good luck!
731632
A Chapter 7 bankruptcy proceeding takes about 3-6 months to complete.\nA Chapter 13 bankruptcy (repayment plan) can take 3-5 years.\n\nBoth will most likely remain on your credit report for up to 10 years. However, if you make an effort to re-establish, your credit score will improve way before then.\n\nThe kind of debt you want to establish is mortgage and installment (car loan). Don't go out and open a bunch of credit cards. \n\nUsually you will start getting credit card offers as soon as your bankruptcy is discharged. Be careful, they are higher rates and you usually have to pay some extra fees. Just don't let the balance exceed 50% of your limit and this should help your credit.
242869
In a chapter 7, a trustee is appointed to take over your property.  Any property of value may be sold or turned to cash for the benefit of your creditors.  You may be able to keep some personal property and possibly real estate depending on the laws of the state where you live and applicable federal laws.\n\nThere are also 3 types of debt:  (1) secured debt; (2) unsecured priority debt; and (3) nonpriority unsecured debt.  Bankruptcy cannot get rid of secured debt, so the debtor must either pay the debt or give up the property used to secure the loan.  Unsecured priority debt consists of debts that are given priority over other types of debts.  If there is anything left after all the secured and priority unsecured creditors have been paid, then the general unsecured creditors might see a distribution.
1028274
Actually the person above is incorrect. Residency requirements were affected under the new laws. Bankruptcy laws exist at both the state and federal level, and some states' laws are more favorable than both other states' and federal law. Under the old law it was very simple to find the state that offered the most favorable bankruptcy laws and file in that state. The new law is designed to prevent debtors from "jurisdiction shopping", such as moving to a new state and immediately filing bankruptcy.\n\nUnder the new laws, if you're living in a state for less than two years that has more-favorable provisions than the one you previously lived in, you can't use the more-favorable provisions. So establishing residency of at least a 2 year period is key. \n\nYou can go to the following link to better understand some of the changes under the new bankruptcy law: http://www.bankrate.com/brm/news/credit-management/20050928a1.asp
976485
Wont affect. \n\nThe debt is with HSBC. \n\nGood try though. \n\nBankruptcy facts: http://www.expert-credit-advice.com/bankruptcy_facts.htm
229683
You would be an idiot to be a co-borrower unless you get some benefit from the deal.  A bankruptcy will affect your credit score, and may even remove you from consideration depending on the rules of the loan.
1149969
Since you have a computer go to your banks online service bring up the payments. Call the Loan Company while online discuss it with the manager in charge. Explain to them the problem you are haveing. A Friend of mine just went through this an she claim bankruptcy just prior to this but kept the car and payment. But what had happened is the payments go to a lock box and sit there and when they finally put it in they credited the wrong account. They were showing her two months behind an her payment were there on the first of every month. Plus get there building address not a po box and send the payments to that addrress.
349649
In this case I'd recommend hiring a lawyer.  I'm not familiar with the California laws.\n\nIn Michigan, I don't believe you can sue the state.  However, due to a lot of abuse of the lien laws here, they may actually work with you in suing the creditor.\n\nYou can also sue in small claims court.  But for large amounts, you need to be able to prove damages.
997484
If you want a correct answer... ask a local bankruptcy attorney!\n\nI would suggest you read the article "New Bankruptcy Law – Where’s The Consumer Protection?" you can view it at:\nhttp://www.sandiegolawyerforyou.com/san-diego-bankruptcy-law-update.htm\n\n\nhttp://www.las-vegas-nevada-lawyer-attorney-legal-injury-defense-directory.com/las-vegas-bankruptcy-lawyers.htm\nhttp://www.san-francisco-oakland-bay-area-lawyers-attorneys-directory.com\nhttp://www.san-jose-ca-lawyers-attorneys-directory.com\nhttp://www.sacramento-ca-lawyers-attorneys-directory.com\nhttp://www.la-orange-county-lawyers-attorney-directory.com\nhttp://legal-advice-library.info/blog\nhttp://www.austin-texas-lawyers-attorneys-directory.com/austin-legal-services.htm\nhttp://www.san-antonio-texas-lawyers-attorneys-directory.com\nhttp://www.san-diego-lawyer-attorney-personal-injury-dui-car-immigration.info
797962
Is the car worth $8000 now or is that what you paid for it?\nAlso do you still owe anything on it.  There are a lot of variables.  I filed last year in California and our attorney who handled it answered a lot of the questions for us.  That is what you pay them for.  Most of the time you can also low-ball the value.\n\n  Our attorney looked up the lowest blue book and then asked if there were problems with transmission or if tires were due to be replaced etc and kept deducting values until it fit.  \n\nAlso if you have an active account you don't always have to include it in the bankruptcy.  Especially if it is your only car and you need it for transportation to work/doctors, etc.  My husband and I had both lost out jobs within 2 weeks of each other which prompted our bankruptcy.  But my son has chronic health issues so we were able to extend what assets we kept.\nGood luck.\n\nAdded noted:  in reference to below, personal property.  They will ask you to list the value of your wardrobe, any jewelry, appliances, electronics, furniture, even kitchenware... as to what you might get out of them if you sold them to try to pay back your debts.  Fortunately they will usually go by 'Yard Sale' values.  Just keep that in mind when you try to determine what they determine as your total value.
1074672
Contrary to what other posters have said, bankruptcy will stay on your credit record for 10 years, not 7.\n\nYou will eventually be able to get credit after the bankruptcy though it may be a few months and the rates will be extremely high.  It's actually not that hard to start rebuilding your credit after bankruptcy as lenders know that you CAN'T file again for 7 years so they will get something from you.\n\nThere's no way around the high rates and fees that you'll encounter; it's a fact of post-banrkuptcy life.  Just take it easy on the expenditures and as your credit score inproves, ask for lower rates.
43997
Because of the high interest rate, over a period of time you will owe more in interest that the actual amount of your purchase. So.....unless U file bankruptcy (which will also ruin your credit), they CAN and WILL take everything you got.
174914
Like anyother state you could end up losing your house unless CA allows you to declare bankruptcy and keep it. (Some states do allow this)
68828
I am a bankruptcy attorney in California.  If you had an attorney helping you with the bankruptcy, he or she will probably take care of this for you as a courtesy.\n\nYou should have received a copy of the discharge notice from the bankruptcy court.  Schedule and appoint with the nearest DMV office (faster service) and bring a copy fo the discharge order.  They may want to see proof that the civil judgment was listed as debt.  That should take care of things for you.