Stanton, MI Bankruptcy Law Firms & Lawyers

Yes, you may surrender a vehicle in bankruptcy. However, you cannot be selective on the debt you list. You must list all debts in your bankruptcy. Depending on whether you are eligible for a 7 or 13 you may also be paying a portion if not all of the value of the vehicle back. I encourage you to seek qualified counsel to discuss this in more detail.

The lien can be recorded against all real estate you own. You can find out by going to the county recorder's office in each county where you own real estate. You have a $40,000 homestead exemption on your residence that protects that amount of equity from the judgment lien. If you go through a bankruptcy, you can remove that judgment lien from your residence if you don'g have more than $40,000 of equity.

First, call the loan company, explain your circumstances and your willingness to pay. Then ask for some consideration, such as waiver of interest. Second, if you are sued, do the above with the collection attorney. They are usually fairly grounded in reality. Third, if a judgment is entered against you, remember that social security is not attachable in Michigan. Unless you have other assets, they will have a difficult time collecting.