california exempt property bankruptcy
I filed for Chapter 7, I owe on a car. If I filed for redemption and the loan co doesn’t reply, do I keep it?
I did my own chapter 7 bankruptcy but I’m confused about something. I’m in California and listed my car which I owe 2750 on as one of my EXEMPT property items. The car has a bad transmission and is sitting in my yard. I filed a STATEMENT of INTENTION regarding redemption. If the Lien holder does not answer or reply to this, do I get to keep my car?
You can keep the car, however, the lender still retains all of its lien rights under the Motor Vehicle Purchase Agreement. On Your Statement of Intention you said you would redeem the collateral? If so, redemption means to buy the vehicle back or pay it off. If you meant to “Reaffirm” the debt, which means you will reaffirm the debt at the same terms and conditions that your current contract is under, you need to file an Amended Statement of Intention. Whichever one, the lender still maintains it’s lien rights.
