If my fiancee is currently in bankruptcy, including a car he owns that was involved in an accident, if the car is a total lose who gets the payoff check?
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If my fiancee is currently in bankruptcy, including a car he owns that was involved in an accident, if the car is a total lose who gets the payoff check?
Asked on August 5, 2012 under Bankruptcy Law, Georgia
Answers:
Matthew Cherney / Cherney Law Firm, LLC.
Answered 11 years ago | Contributor
If your fiancee is in an active Chapter 13 case, the lien holder or loss payee would be entitled to unpaid balance on the loan. If there are any proceeds (monies in excess of the lien holder's claim), they are property of the estate. Your fiancee would have to file a motion in court to retain those proceeds.
Terence Fenelon / Law Offices of Terence Fenelon
Answered 11 years ago | Contributor
If there is a balance owed on the car at the time of the loss, the loss payee, usually the lender, would be entitled to reimburement to the extent of the unpaid loan with the remainder, if any, payable to your fiance. Any amounts due for medical or personal injury would be payable to your fiance. Usually, those are two seperate claims and checks
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