Quentyn, these questions are best asked of your B/K attorney. S/he will give you the legal advice you are PAYING for. Good Luck If your car is repoed and you've already filed for Bankruptcy (Chap 7) will you be able to ask for your car back if you still want to continue paying?
The bankruptcy can't protect you from what has happened or reverse the reposession. However, the deficiency amount (that is the amount, if any, that the loan and accumulated fees was above the value of the vehicle and you therefore still owe), may be able to be included in the bankruptcy.
Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.
Yes. The financial insitution will typically call you to set up a time to pick up the vehicle or have you drop it off if you do not intend to reaffirm the debt. They are not allowed to call you to ask for payment, but can ask for the vehicle. You can, however, continue to make voluntary payments on the vehicle and they will not repo it if you keep it current. If you do reaffirm the debt, that means that you intend to keep the vehicle and will continue to make payments on the vehicle, meaning that they are allowed to contact you about making payments.
While both home and automobiles are considered secure creditors, there are much less protections for automobiles. About the only way you would be able to obtain a court order for the assets return would be if it was recovered after your bankruptcy was filed and that both the creditor and repossession agency had sufficient notice of your filing.
If it was recovered before your filing, or ability to provide sufficient notice, then its impossible to get the car back.
I believe there is a process called "RE-affirm" involving you and the LENDER that must be complated. You should ask your B/K attorney for case specific advice.
If it meeets the conditions of the B/K, yes. Call a local B/K attorney.
Hi,yes every single debt will be erase,the only debts you can't erase with bankruptcy are past due taxes,everything else is wipe out,thats why is called "fresh start" .
Yes, if the creditor first obtains relief from the automatic stay. This is accomplished by filing a motion and proving that you have not made payments on the vehicle.
No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.
You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
Sure
It can.
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.
Bankruptcy is an EXCELLENT way to stop Garnishments. Many attorneys can file an emergency peition to get that garnishment stopped NOW.. then go back and complete the bankruptcy later.
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.