Auto Loans and Financing
Repossession
Debt and Bankruptcy

Filing a Chapter 7 with 2 payments owing on your car how long do you have in getting it current before the creditor can take it if you plan on curing the default 30 days after filing?

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2014-09-18 00:17:59
2014-09-18 00:17:59

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.

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Related Questions


Repossess or foreclose on the secured property if the agreement is in default.


Ask the creditor what they will take as a settlement. They don't have to settle but they might.


If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.


Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?


As long as the contract is NOT in default, NO. Read the contract. Payments current, ins. current, no other defaults?


You can either try to modify your 13 plan payments, convert to a chapter 7, or dismiss your BK.


As long as the contract is in default, the lender can repossess the collateral. Which would mean no? correct?? If the payments have became current the loan would no longer be in default? I am I right or wrong? You are wrong if the bank has already sent you a "notice of right to cure default" demanding full payment of the loan. Then they may (probably will)consider all the caught-up payments as part of that full payment and you have not satisfied the default. I guess it depend what state you are in, because I know in MD you can have the right ot get the car back one time, by simply becoming current with your payments and any of the repo fees.


No, you cannot transfer the loan until you bring the loan payments to current.



As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.


AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.


If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.


It depends how are you in default.... is it because of insurance coverage??Need a little more info here to give you a better answer.


Yes, although mortgage companies are more likely to modify a loan in default.


Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.


Yes, Default Management Services, Inc is a great company that helps people which may be late on their payments, in default, or current. Click on the link below if you need help.


If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.


It would depend on what the term "trying to pay" means. Once a debt goes into default it is due and payable in full. Any creditor that takes payments on a defaulted debt is doing so outside of the bounds of that contract as a courtesy. So, if the debt in question has been defaulted, then yes, the creditor may sue you and take all remedies available to them under law.


When even one payment is missed the agreement is considered in default, and the lender has the legal right to take whatever action they deem necessary to secure their financial interest in the property. Unless all missed payments and applicable fees are brought current and the creditor agrees to allow the borrower to continue with the agreement, the vehicle can be repossessed.


Technically yes - the vehicle can be repossessed if you are 'in default' of your obligations under the contract. So while the usual way to default on the contract is by missing payments, it is possible for you to be in default by another way, outlined in the contract you agreed to.


Yes a creditor can donate whatever they want to charity. It is up to them what they would like to do with the money that is owed them.


The creditor reposseses the car, and you take the bus.


A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.


A default is when someone does meet the terms on an agreement. When it comes to repossession, it means they missed 1 or more payments on a loan.


In most cases a lender will file a notace of default after 3 missed payments.



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