0
You can stop a pending repossession on a car by filing Chapter 7. However, you will have to find a way during the automatic stay [i.e. the period of bankruptcy protection] to pay back past due payments, or else the auto lender will file for relief from the automatic stay to repo the car back.
You [or your attorney] might have to tell them [thru a filed Statement of Intentions] that you intend to reaffirm the debt and work out a side agreement called a reaffirmation agreement, where you can make up the past due payments.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
If a bank has been advised that you are filing chapter 7 bankruptcy in Ohio but will reaffirm the car loan can they still repossess the vehicle?
Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.
Does having a car in repo effect filing for bankruptcy?
No - having had a car that was re-possessed will not affect the filing of a 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.
What happens if you dont return a vehicle under repo?
If you don't return a vehicle after it's put in repo status, it goes on your credit report as "Vehicle cannot be located." Once this is on your credit report, it's impossible to get refinancing for a new vehicle. The best thing to do after that is to file for a bankruptcy. The auto credit company will usually hire a investigator and they can file a lawsuit. But there is typically no criminal charges because, it's technically your vehicle.
If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
When your vehicle was stolen a repo guy came to take it told him it was stolen and filed for bankruptcy and since then 4 yrs have passed you never heard from repo guy again can they still repossess yo?
What exactly are they going to repo,you the vehicle was stolen and you no longer have it right, come on use the thing attached to your kneck.
Can a repo company come repo a mower 1 year after your bankruptcy?
Yes if there was a lien on it. If your bankruptcy was discharged, it simply discharged the debt, not the collateral.
Can you trade in a vehicle in repo status?
You can try, but the moment the dealership finds out (which only takes an instant), they'll reject the trade.
You filed for a chapter 13 have not got a case number yet can they repo your car?
You have not filed a bankruptcy. You get a docket number immediately when you file. So, yes, they can repo your car. If this was done by a lawyer, you should find out what the lawyer actually did. You can confirm your bankruptcy filing online or by telephoning the court in which it was supposedly filed, and get the docket number. It's a public record.
Can you surrender your vehicle after filing chapter 13?
Yes, but I would hang on to your car if you can make the payments because getting a car while you are in bankruptcy is quite a process (you must file a motion to incur additional debt and get permission from your trustee) and you will pay a much higher interest rate. Maybe higher than the one you have now, since you purchased it before bankruptcy. There are also limits on the price of the car you are allowed to buy and a limit on the payments you are allowed to take on. You will also have a repo on your credit, making it difficult to finance a car
If you catch up on your payments on a vehicle will they take it out of repo status?
I would think so, but you need to talk to the people who hold your note.
If you're in chapter 7 and have the money to pay off the loan on a car can the lease company still repo the car before the court date?
One you file for bankruptcy, you are protecting the automatic stay. The lease company can't legally do anything to repo the car without filing a proper motion with the court. One purpose of the automatic stay is to give you time to get your affairs in order and make arrangements to keep the vehicle.
