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 9 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 9 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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