Legal Question in Bankruptcy in New York

Auto repo deficiency balance

How much of an auotmobile deficiency balance is paid bank in a chapter 13 bankruptcy.


Asked on 6/30/08, 10:25 am

2 Answers from Attorneys
Nancy Delain Delain Law Office, PLLC

Re: Auto repo deficiency balance

The answer to your question depends on the terms of your Chapter 13 Plan.

Contact an attorney who is geographically local to you to help you through your bankruptcy; the 2005 Bankruptcy Abuse Prevention Act has made the bankruptcy process a snare for the unwary (or unknowing) debtor. If you truly cannot afford an attorney and you fit within their guidelines for low income, the Legal Aid Society may be able to help you; there's a branch in every county in NYS. Find them in the Yellow Pages and give them a call to see if you qualify for their (excellent and free or low-cost) help.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

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Answered on 6/30/08, 10:44 am
Andrew M. Doktofsky Andrew M. Doktofsky, P.C.

Re: Auto repo deficiency balance

An automobile deficiency claim is an unsecured claim that is repaid in the same manner as other unsecured claims. How much unsecured creditors are paid in a chapter 13 bankruptcy depends on your income and/or the value of your non-exempt assets.

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Answered on 6/30/08, 4:47 pm


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