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  • Repossession
  • Debt and Bankruptcy
  • Bankruptcy Law

Can you file bankruptcy on a repossessed vehicle?

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βˆ™ 2015-07-15 18:34:52

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

2015-07-15 18:34:52
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Related Questions

Do you get your vehicle back from repossesion after filing chapter 7?

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.


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.


Can you file bankruptcy if you are hiding your car from being repossessed?

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.


Can you file for bankruptcy after 3 years of car being repossessed?

Sure


Does bankruptcy cover the amount you are upside down on a vehicle after it has been repossessed in Colorado?

It can.


What happens if my car is repossessed and then I file bankruptcy?

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.


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.


If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?

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.


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.


Should bankruptcy be considered to stop your wages from being garnished to pay 8K for a repossessed vehicle in the state of Georgia?

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If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?

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.


If you are behind on your car payments should you file bankruptcy before the vehicle is repossessed?

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.


Can you file for bankruptcy with a repo on your credit?

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.


Can you keep your vehicle if you file chapter 13 bankruptcy?

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Can you file bankruptcy on a loan for a vehicle?

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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.


How long do you have to wait to file bankruptcy after transferring a title to a vehicle?

Your ability to file BK is not effected.


Can you get your repossessed car back if you file Chapter 7 bankruptcy and start making payments?

You will have to ask your bank about that. They are in control now.


If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?

Of course, it won't legally be your car however.


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?


Would you let your car be repossessed or would you file bankruptcy?

There's no definitive answer to a question of this type, as the final decision would depend on the person's overall financial situation. Bankruptcy is a very serious action and should only be used as a last resort. Especially in light of the new bankruptcy reform laws. Even in bankruptcy (unless it is a 13) a vehicle may have to be forfeited, depending on the vehicle exemption status and the terms the lender is willing to agree upon.


You owe your sister money can you file bankruptcy on that loan?

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.


Do you keep your car after you file bankruptcy?

It depends, usually after you file bankruptcy they take all your vehicles but one of them so that way you have one vehicle to get back and forth for emergencies. When you file bankruptcy and have a job, they usually limit the amount of money coming into your household too.


If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?

If the car is being repoed then you owe something.


Could vehicle get repo if co buyer is in bankruptcy?

The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.