Cars & Vehicles
Repossession
Bankruptcy Law

Can you keep a vehicle after filing chapter 7 if they have not repossessed it?

333435

Top Answer
User Avatar
Wiki User
2008-02-16 05:06:28
2008-02-16 05:06:28

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.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

If you buy a used car with cash before filing a chapter 7 bankruptcy, How long do you need in between purchase and filing to keep the vehicle if the vehicle meets exemption in a state?

User Avatar

No, once a vehicle is repossessed it is no longer your vehicle. The only way to get it back is to make some sort of arrangement with the financier for you to keep the vehicle. This is usually paying off the missed payments, or even paying off the full balance. What you have to do to get it back is dictated by the financier.

User Avatar

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.

User Avatar

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.

User Avatar

Only if you intend to get it back.

User Avatar

When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.

User Avatar

Can u keep your checking account after filing chapter 13?

User Avatar

Sure...you can not want to keep the house without filing BK too

User Avatar

This is not a question. The truck could not legally be repossessed after the filing of a bankruptcy. Notify the creditor of the filing, giving the court's location (District of ?) and docket number. If you don't have a lawyer, send it by certified mail, return receipt and by regular mail, and make sure you keep a copy for yourself. If you've gotten a notice of your 341 meeting, send a copy of it to the creditor as well.

User Avatar

Here's a link to a great site that will tell you what you can keep in a Chapter 7 filing: http://bankruptcy-law.freeadvice.com/consumer_bankruptcy/property_filing.htm

User Avatar

no,because it is your property and the car really wasnt,so you should get your stuff back.

User Avatar

If a car is leased, you can keep it as long as you are paying it on time.

User Avatar

If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.

User Avatar

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

User Avatar

If it has been discharged (At the end of the Chapter 13 plan), then you will most likely have to work out some type of payment with the lender. You can also consider filing another Chapter 13. (The car would most likely be the only debt)

User Avatar

By filing a chapter 13 BK, although its possible to go through a chapter 7 while keeping the mortgage current.

User Avatar

Assuming you're referring to a car payment, you can add it to your case before discharge, or you can reopen your case and include the automobile finance company. Keep in mind, however, that if you're filing Chapter 7 and your car is collateral, it can still be repossessed.

User Avatar

If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.

User Avatar

Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.

User Avatar

No, this is a luxury item and the trustee will feel like the money is better spent paying off other dept. I was unable to keep two atv's when I filed chapter 13.

User Avatar

If the lender repossessed the car while case was pending and you were protected by the automatic stay, the repossession was illegal and you should be able to get the park back by filing the proper motion with the court. If the case is over, you need to make the payments and have adequate insurance to keep the car if you did not sign a reaffirmation agreement. If they legally repossessed the vehicle and sold it, you are out of luck but you are free from paying any deficiency. Consult an Arizona attonrey to determine if the seizure was legal under the laws of your state.

User Avatar

I have a welding machine on the truck they repossessed can they keep that?

User Avatar

It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.

User Avatar

Not if its a chapter 7 BK; there is too much equity (value) in the car (since most vehicle exemptions are about $3,000 or lower. If filing chapter 13, it might be possible to keep the car. But if its a chapter 7, it is highly likely that the car would be seized and sold off by the BK trustee to pay off your creditors, or make you pay the difference between the car value and car exemption. (and before you ask- NO, do NOT sell your car to friends/family/neighbors, etc... for a $1)


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.