by randydavis on January 12th, 2007

randydavis

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I owe 20K to the bank on a 12K (Kelly blue book value). Can or how would I buy back the car at the auction the bank is going to sell it at? If I pay 12k at the auction, I know they will still want 8k more. Will the bankruptcy take care of that.

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  • by downdog on January 12th, 2007

    downdog

    Laws are getting tuffer and tuffer on bankruptcy. I wouldn't mind if some framers or ranchers answer this question. I know of 2 that files bankruptcy every 10 years or so. Yet they are still driving their 50,000 trucks and Caddy's.

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  • by Anonymous on January 12th, 2007

    Anonymous

    Very doubtful. Your trustee will see your car as an asset (I cannot see it being exempt if it is worth more than $5000. or so) and want to apply that to your creditors if you are filing a Chapter 7 bankruptcy.

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You're reading I owe 20K to the bank on a 12K (Kelly blue book value). Can or how would I buy back the car at the auction the bank is going to sell it at? If I pay 12k at the auction, I know they will still want 8k more. Will the bankruptcy take care of that.

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