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Can a creditor who has repossessed property before the bankruptcy court date win any judgments the creditor says that they filed the day before us on a repossession?
Wiki User
∙ 12y ago
Obviously, the repossession isn't the issue, even you agree it happened before you filed for protection.
Hence it must be a deficiency amount they want?. (The property wasn't sold for an amount to clear the debt).
What difference does it make. A judgment doesn't change how much or what you owe. You owe the amount. It may effect what category of claim they have under the BK, but really, that too makes little difference to you. You would want that to be a pre-petition thing anyway, and clear it through the BK action. They will be barred from doing much to enforce the judgment, if they get one, any other way by your BK.
Wiki User
∙ 12y ago
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Is it better to let a car be repossessed or negotiate a buyout with a creditor?
It depends on your financial status, and whether there are other financial factors such as bankruptcy. The repossession is a much more serious blow to your credit standing than arranging a buyout.
Can the debtor file for bankruptcy after a creditor is awarded a default judgment because the debtor did not make a court appearance?
Yes, most judgments can be discharged in a chapter 7 bankruptcy.
Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?
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.
Where do you list judgments in chapter 7 bankruptcy?
Judgments are listed by creditor in Schedule D, E or F, depending on the nature of the debt and judgment, and in the Statement of Financial Affairs. question 4a (if within the past year).
How long does a creditor have for repossession of vehicle after bankruptcy discharge in OH?
Thats a good question to ask your B/K attorney for state specific advice.
Is it typical for the bank not to notify you of repossession?
They would normally send you statements reminding you that your balance is past due, and the vehicle could be repossessed if the matter isn't settled. The creditor normally won't inform you of when the order for repossession actually is sent out, and you won't normally be informed that your vehicle is being repossessed until the repo man shows up to claim it.
How would declaring bankruptcy affect your disability pension?
It shouldn't, SSD. RRD and private disability benefits would not be affected by BK and are exempt from attachment in creditor lawsuit judgments.
My car was repossessed over a yr ago Can legal action still be taken against you?
So here is an example of what can happen when a creditor repossess an item. "If an item such as a car or furniture is repossessed, the creditor can then sell it. The money from selling the item is applied toward the money you owe. The creditor can still try to get any money you owe after the sale of the item. The terms of your contract might even add charges for the costs of repossession and sale."
How do you stop lawsuits or judgments against you by creditors?
The only option for stopping a lawsuit and/or obtaining relief of judgments is filing bankruptcy. Otherwise, once a creditor has filed a lawsuit against you and you receive notice of the hearing, or recovered a judgment against you, you cannot stop the process.
When filing for bankruptcy and including the car how long is it before the creditor collects the car and how does that work?
The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.
Will a judgment be dischared if you go bankrupt?
This really depends on whether the judgment is a dischargeable debt in bankruptcy. There are some debts that you cannot eliminate in bankruptcy and they will continue to exist after the bankruptcy. Generally judgments from credit cards, medical bills or personal loans can be discharged but they can become non dischargeable if the creditor claims fraud or misrepresentation within the bankruptcy.
If your vehicle was repossessed and you now have a judgment how do you get the judgment off?
The judgment creditor must be paid in full according to the terms of the judgment order. Most judgments are renewable and can remain on a credit report indefinitely until paid.
