Hello. I have a concern about my current car loan and my possible upcoming need to file Chapter 7 here in South Carolina. My car loan is only a few months old (through Capital One Auto Finance) and I owe about $19,000. I intend to honor this loan, since I of course need a car, and don't plan on including the loan in my bankruptcy. Instead, I plan to keep paying the thing off each month as usual. I have read on these forums about the "reaffirming the loan" process and would be glad to do so.
However, I just looked over my Capital One loan's "Note and Security Agreement," and it states the following:
"DEFAULT: If... ...(3) you initiate or have initiated against you any bankruptcy or insolvency proceedings... ...")
Does this mean I won't be able to keep this loan current if I file? Repo? I am worried. This is my first post and am just at the beginning stages of my research, but any help would be appreciated. If I end up going through with filing, I'll be attempting to do it myself.
The first of many questions to come, I'm sure...THANKS.
However, I just looked over my Capital One loan's "Note and Security Agreement," and it states the following:
"DEFAULT: If... ...(3) you initiate or have initiated against you any bankruptcy or insolvency proceedings... ...")
Does this mean I won't be able to keep this loan current if I file? Repo? I am worried. This is my first post and am just at the beginning stages of my research, but any help would be appreciated. If I end up going through with filing, I'll be attempting to do it myself.
The first of many questions to come, I'm sure...THANKS.
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