What if you have a car you still have one more year to pay? What about an older car? Can we be denied auto insurance?
You are allowed personal property exemption in your state. Check the link below to see what is exempt for your state.
bankruptcyinformation.com
For the car that you still owe, you will either have to let the car go or reaffirm the loan if you want to keep it.
No you can not be denied auto insurance just for BK, but you will pay very high premiums.
On Additional Details:
First if you want to keep your car, you will have to be current on your payments.
One of the documents your attorney will file along with your bankruptcy paperwork is your Statement of Intentions. in this you will list your vehicle loan, and your intent to reaffirm it.
When your vehicle lender receives the notice of your bankruptcy filing and your intent to reaffirm, it will send your attorney a reaffirmation agreement. Some of the lenders do send a representative to court and you would sign the agreement then.
If no representative is there your attorney will review the reaffirmation agreement to make sure it does not contain any terms and conditions that it shouldn't, and then will have you sign it. the attorney will return the signed copy to the lender.
You can learn everything you need to know and more about chapter 7 bankruptcy at { legalformsbank.biz/bankruptcy? }.
Source: http://www.financetalkinghub.com/in-chapter-7-bankruptcy-what-assets-are-liquidated.html
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