Posted On: April 8, 2010

Check The Correct Box on the Statement of Intentions (Form 8)

A Sacramento bankruptcy attorney discusses foRM 8...

This entry will take a step by step approach on the reaffirmation process of a financed car in a Chapter 7 bankruptcy.

A Chapter 7 filer in their petition must indicate on the Statement of Intention (Form 8) they are going to reaffirm their vehicle by checking the box labeled reaffirm. They must also list the creditor holding title. This lienholder must also be listed in Schedule D – Secured Debts.

If the property securing the loan is personal property and an individual chapter 7 debtor fails to indicate in the statement that he or she either will redeem the property or enter into a reaffirmation agreement the automatic stay is automatically terminated and the property is no longer receives protection of the bankruptcy filing. The financing company may repossess without having to file any request with the bankruptcy court.

Stating ‘retain collateral and continue to make payments’ on a car is the equivalent of not stating any intention and protection will automatically lapse 30 days from the filing of the bankruptcy petition.

In conclusion make sure you check on the boxes on Form 8 with respect to your car. Never try to retain and pay if that’s your intent.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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