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Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?
Wiki User
∙ 18y ago
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.
Wiki User
∙ 18y ago
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Can you get your vehicle possession after your vehicle was repossessed?
by paying the bill or rebuy it at an aucton
Can a car be repossessed if a primary buyer files bankruptcy and the co-buyer has possession of the car but falls behind on payments and the court rules that the vehicle belongs to the lendor?
yes
In the state of Texas can a creditor put a lien against your home for a repossessed vehicle?
The answer is yes, if the creditor brings you to court on the matter.
Does bankruptcy cover the amount you are upside down on a vehicle after it has been repossessed in Colorado?
It can.
If your car has been repossessed and you have not yet filed bankruptcy can you still be eligible to get the car back after you file?
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.
In Utah when filing for bankruptcy can the creditor legally take your one and only vehicle?
The Utah vehicle exemption is $2,500.
How can a co-signer file bankruptcy on an unpaid vehicle without interfering the credit of the primary signer?
By listing the creditor on the bankruptcy schedules.
Can your vehicle be repossessed after you file Chapter 7 bankruptcy?
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.
Which sort of bankruptcy should one use to retrieve a vehicle in Florida that was repossessed yesterday?
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
Is the borrower responsible for repayment of a vehicle loan two years after the cosigner filed bankruptcy and the vehicle was repossessed?
Yes, that's exactly how it works. If you'd paid for the vehicle at the time of the co-signers bakruptcy you could have kept the vehicle and improved your credit. The creditor wants you to either pay for the remainder of the note or file bankruptcy yourself. * A loan for a vehicle is considered a secured debt and is not dischargeable by the primary borrower(s) or cosigner(s) in bankruptcy action. All parties named on the loan agreement are responsible for the debt unless the SOL for the state in which the vehicle was either purchased or the debtor resides has expired.
What steps are involved in reposessing a car?
As soon as a lease expires on a vehicle that you have in your possession or you default on one of your car payments, the owner has the right to have your vehicle repossessed.
Will filing bankruptcy avoid garnishment after a vehicle is repossessed in Tennessee?
If filed in a timely manner. But have you considered the LASTING effects of filing?
