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

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2015-07-15 19:53:23
2015-07-15 19:53:23

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

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Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.

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IF its filed properly,NO. Why not ask your B/K attorney this question??? That's what you pay them for.

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You can get a Chapter 13 bankruptcy dismissal by asking your lawyer to ask the trustee for a dismissal. If you are having trouble making the payments, you can ask for you bankruptcy to be modified.

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Yes, as long as you keep making the payments.

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If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.

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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.

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When you either voluntarily give up the house or you stop making payments (foreclosure).

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Yes. A mortgage says that the loan is secured by the property. A "chapter 13" does not allow you to stop making payments on your mortgage.

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Technically you breached the contract with the lender if you did not make payments in 6 months. They actually have the right to NOT accept further payments from you. So yes, it can still be repossessed.

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Yes, furniture can be repossessed if you start making payments again after 6 months, especially if the missed payments are not caught up. The creditor can refuse the payment if court proceedings are already in progress.

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it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.

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If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have been according to your credit report. Your car should have been repossessed, but apparently wasn't. You should check with the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.

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As long as you keep making the loan payments the creditor wont care if you declare bankruptcy. If doing a cram-down in a chapter 13, the lender would have to accept the current value of the car.

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If you're asking whether the vehicle can be repossessed for non-payment, it can, regardless of who's supposed to be making payments. Whoever appears on the contract or paperwork for the car is responsible for the payment, regardless of what informal agreements may be in place.

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If you keep on missing payments on your auto loan, there is a high chance that the vehicle may be repossessed by the bank.

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You are leaving out important information: when was the chapter 13 ended and why did it end? If the chapter 13 has not been closed or dismissed, the mortgage should not be in foreclosure unless you missed several post-petition payments and the mortgagee got relief from the automatic stay. You cannot have two bankruptcy filings open at the same time. If the chapter 13 was ended pursuant to a section of the bankruptcy code, you may be able to refile, but you may not have the benefit of the automatic stay. Consult a local bankruptcy lawyer.

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You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.

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yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.

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Go to where the bankruptcy is filed and have the file pulled and there will be an accounting of all the debts and payments being currently made. It is public information.

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Sure the trustee is objecting. Because you are making payments on your car, Ransom v. America Bank, means the amount of money you would be required to pay would be less than if you did not have a title loan. The trustee wants you to pay off the loan before you declare bankruptcy.Update: I have not been making the payments - I thought the chapter 13 would be making the payments when I send the trustee my monthly payment. I supposed the questions is: is a title loan considered a secured loan.I would check the lending company to make sure they are getting the payment. I would not assume anything. I simply read Ransom. I do not trust trustees. If you walk in and pay the loan with a piece of paper and get a written receipt and send that receipt to the trustee and keep a copy, there can be no doubt. That way your car can not be repossessed and the trustee can not stab you in the back by not paying your loan. Then when your car is repossessed, he can not take the money that you would have used to repay your loan and have you use it to pay your other creditors.

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Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.

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When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.


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