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If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.

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โˆ™ 2007-02-18 22:12:15
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Q: Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
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Related Questions

Can you get your car back after a repossession if you file chapter 13 bankruptcy?

In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy

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.

How do you file chapter 11 bankruptcy?

There are many ways one can file for chapter 11 bankruptcy. One can file for chapter 11 bankruptcy by proposing a plan in which the debtor plans on paying back debts over time.

In Wisconsin how do you get a reposed car back?

If the car has been auctioned off after you got notice of the auction and how much you needed to pay to get it back, you can't get it back. If you are lucky, you may be able to get some of your personal property from the car back. If it has not been auctioned, you can pay the amount owed or file bankruptcy.

Whats the difference between Chapter 7 and Chapter 11 bankruptcy?

Chapter 7 bankruptcy is a final liquidation of the company. Assets are sold off to pay debt. Chapter 11 bankruptcy is a rehabilitation bankruptcy. The company (or individual) is given a chance to retain their assets and get their financial status back on firm footing.

You surrendered your home in a chapter 7 bankruptcy It has been sitting empty for 2 plus years It is not even for sale Is it possible to repurchase your home?

YES. Most likely what happened is the bankruptcy trustee auctioned the residence to somebody who is holding it till they can get a better resale price on the market. Find the owner of record and contact them or their agent for real estate. If the bankruptcy trustee has not auctioned the residence yet, then the bankruptcy procedure might not be complete and they probably are waiting till some time in the near future when the residence can be auctioned for more than the bankruptcy exemption value (which the bankruptcy trustee should provide to you upon sale of that asset). A bankruptcy trustee should not have reservations about reselling an asset back to the bankrupt person, but it would be a cash sale for some amount (determined by the trustee) in excess of the exemption figure (set by state regulation). If your bankruptcy procedure has been completed officially, and the residence has not been auctioned by the court yet, then there may be some legal problem with the handling of your bankruptcy and you might inquire with the court about the disposition of the residence in that bankruptcy case (if the bankruptcy trustee was wrong to take the residence for auction, then that decision might be changed).

What is your liability to harassing creditors if after six years your Chapter 13 bankruptcy was dismissed by the trustee?

If your Chapter 13 was dismissed, meaning you did not complete your Plan, then you are essentially right back where you started before you filed for bankruptcy. The creditors can pursue you for the debts without any legal ramifications.

Do you have too pay any of the mortgage back after a chapter 7 bankruptcy?

no you dont have to

What will happen where Chapter 13 bankruptcy is dismissed due to default in payments?

Many people are unable to maintain the rigid repayment plans (and strict budget) that go along with Chapter 13 bankruptcy. One option is to switch to Chapter 7 bankruptcy. This can be done (one time) without court approval, although if you ever wish to switch back to Chapter 13 then the court will be involved. Before switching I would recommend looking at the different characteristics of each type of bankruptcy.

What is the difference between a Chapter 7 and a Chapter 11 business bankruptcy filling?

In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.

How are back child support payments made in a chapter 7 bankruptcy?

Unaffected and not covered.

What are the advantages of chapter 7 versus chapter 13 bankruptcy?

There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.

What does bankruptcy do to you?

Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. It is really important to seek an advice before making decisions.

How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.

How does a client get their money back if the business files for bankruptcy?

It depends on the chapter they filed and the financial state of the company, most likey not, that is why the filed for bankruptcy, they have no funds.

If you file chapter 7 bankruptcy does that eliminate paying back the parent plus college loan?

Student loans are exempt from bankruptcy as are IRS debts

What happens to someone in a personal bankruptcy?

It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.

Do you have to pay back creditors after you file bankruptcy?

Good question. It is important to know what you have to continue doing and what you are discharged of in bankruptcy and also to familiarize yourself with the different types of bankruptcy and their differences Generally speaking, if you are filing for chapter 7 bankruptcy then the majority of your debt will be discharged and you would not have to pay back your creditors. If you are filing for chapter 13 bankruptcy then you likely would but under your repayment plan you would probably be paying less that you originally are.

If planning to file chapter 7 bankruptcy California when is the time to voluntarily give back vehicle?

Ask the attorney that is filing your Chapter 7 case.

What is meant by Chapter 14 bankruptcy?

Chapter 14 bankruptcy is quite new in the bankruptcy world, it provides companies the option to help themselves rather than being bailed out. This type of help could not only get the business back on it's feet but also keep employees working.

What determines if you file a Chapter 13 or a Chapter 7?

Your financial needs really determine which type you should file, if at all Chapter 7 is a liquidation bankruptcy and chapter 13 is a type of debt reorganization bankruptcy which essentially places you on a budget until you can pay back parts of your re-negotiated obligations. You should speak with an attorney about which option is best for your situation, keeping in mind that some debts are not dischargeable under either chapter 7 or chapter 13 bankruptcy.

What is the effect of bankruptcy chapter 7 on mortgage loan?

Chapter 7 bankruptcy is also known as total bankruptcy. It's a wipeout of many (or all) of your debts. Also, it might force you to sell, or liquidate, some of your property in order to pay back some of the debt. Chapter 7 is also called "straight" or "liquidation" bankruptcy. Basically, this is the one that straight-up forgives your debts (with some exceptions, of course).

If a car has a lien placed on it prior to bankruptcy being filed do you get the title back when the bankruptcy is completed?

It really depends on the type of bankruptcy petition you file. If you file for Chapter 7 bankruptcy the creditor who put the lien on your car may be able to take your vehicle. If you file for Chapter 13 bankruptcy you'll have the opportunity to make payment arrangements with your creditor and in that case you should get the title back after all of your payments are made and your amended. contract with the creditor has been fulfilled.

Can you get the money back that was garnished before you filed chapter 7?

Yes, but it must be listed correctly in your bankruptcy paperwork. It must be listed as both an asset and must be exempted for the trustee to return funds to you.

Can you get a repossessed car back by filing chapter 7 or 13 bankruptcy in Arizona?

This would be best answered by a good bankruptcy attorney who knows Arizona law. I believe no matter what you do bankruptcy or not, they will get the car, it does not wipe your credit clean.