What to do about a modifiedauto loan after a Chapter 7 discharge?

I filed a Chapter 7 and did not reaffirm my auto loan; the loan was discharged. However, I continued to pay and signed a loan modification with the lender to reduce the monthly payment. It of course, extended the length of the loan to 7 years. I have now reconsidered and don’t want the vehicle and want to know if I am liable for this loan if I let the bank have the vehicle back?

Asked on October 30, 2011 under Bankruptcy Law, Florida

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

If you did not reaffirm your vehicle loan, you have no further liability after discharge.  You can turn in your vehicle without any further obligation.

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

If you did not reaffirm your vehicle loan, you have no further liability after discharge.  You can turn in your vehicle without any further obligation.

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


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.