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Repossession
Debt and Bankruptcy
Bankruptcy Law

Can you file bankruptcy on a repossessed vehicle?


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Wiki User
2015-07-15 18:34:52
2015-07-15 18:34:52

If it meeets the conditions of the B/K, yes. Call a local B/K attorney.

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Actually you can get your vehicle back if you file bankruptcy within 10 days of your vehicle being repossessed. Your attorney can file an emergency injunction if needed.

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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.

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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.

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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.

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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.


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