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A creditor cannot reposses a car without BK court approval (i.e. relief from the automatyic stay). However, if you do not keep paying the car loan, a BK will allow a creditor to reposses the car.
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∙ 13y ago
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What can you do after your car gets reposses?
It depends on what you want to do...If you want to get your car back, contact your lender and see what they want...
Can lender reposses car or lack of insurance?
Yes, if you don't have full coverage insurance the collateral is in jeopardy. In other words if you were to total your car the lender has no collateral.
If the primary on the loan defaults on the loan and has claimed bankruptcy and the co-signer has not does the lender have the right to reposses the car without giving the cosigner a chance to pay?
No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC
I am going into a bankruptcy in app 1 month the bank wants to reposses the car if I surrender the car before the bankruptcy is filed will it show up as a repo or go under the bankruptcy?
It will show up as both. If the bank auctions off the car, they may come after you for a deficiency judgment. Any chance of them coming after you would be taken care of in the bankruptcy.
If you spoke to the lender and made arrangements to make a payment that is 30 days late and they aggree was it wrong for them to reposses the car the next day anyway?
Nope.
Can a lender still repossess your car after a lawyer told you to tell them that you were claiming bankruptcy?
The lender has to get the STAY lifted before they can repo.
You have not made the car payment as you are filling for bankruptcy- can the bank reposses your car if it is not parked in your parking space?
Until the bankruptcy goes through, you continue to owe the money and the lender continues to own the security. Therefore they can indeed repossess your car. Where the car is parked is irrelevant. In most cases, they won't even know, let alone care, that the space is reserved for you. They will simply find the and remove it. Consult your bankruptcy attorney/solicitor or (in the UK) the Citizens' Advice Bureau for further advice. In the UK, at least, it is possible to be guilty of theft if you attempt to hide a car that belongs to someone else.
Does a lien still show on the title of a vehicle if you file bankruptcy?
Yes, liens survive a BK unless the debtor files an adversary proceeding to have it removed (because the lien impedes an exemption). In a BK, the note from the vehicle sale is discharged- meaning that you cant be forced to pay your car loan. However, the lien survives- so if you dont pay, the lender has the right to re-posses the vehicle. If the lender does go ahead and reposses, the lender cannot go after you for the difference between the loan amount and the amount the vehicle sold for at auction.
Can they reposses your second car for the first defaulted car?
no
Can a creditor reposses your vehicle if you have the automobile and the title?
Yes, IF the lender has a contract specifing the car as collateral for the loan. Once you use the car for collateral, all the titles in the world wont stop the repo if you default the loan.
How many times can you be late on payments before the car is repossed in Maryland?
ANY LENDER, by law, can reposses your car if your 1 day past due! There is no stopping them. You need to act fast before it is too late.
How do you reposses a car if you do not know where it is?
You search for it.
