Car Payment Deferred

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Car Payment Deferred

I bought a car in March 2007.I was late in payment in Dec. 08.The finance company offered to deferr a payment and put it at the end of the loan.Can I still file for Chapter 7 after my 910 days and pay the fair market value or do I have to make up the deferred payment first.

Asked on June 10, 2009 under Bankruptcy Law, Tennessee

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Just file the BK and list the car debt.  however, you may lose the car if it is not paid off when you file BK.  I would try to pay the car off before filing BK.  If you cannot, then just file the claim and see what happens.  I do not have enough information to determine whether you will qualify for BK as i do not know your financial condition, income, assets or otherwise.  I suggest contacting a lawyer to advise you after you provide more information.


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