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How do you get the lender to take a car back when it was included in a bankruptcy if he refuses?
Wiki User
∙ 8y ago
A vehicle is a "secured debt". The lender does not have to take back the car if it is not "worth the effort." Because it is a secured debt they can, in most cases, follow legal procedures to collect what is owed. The lender can file suit obtain a judgment and then garnish wages, place liens against real property, levy bank accounts, etc.
Honestly, if you can drive it.. take it to the nearest office of the lender and drop it off.. throw the keys at them and go home.
Wiki User
∙ 8y ago
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If your finance company refuses to take back the vehicle after bankruptcy can you just leave it at the dealership?
Its done every day of the year. No. Even if the dealership would let you,(never happen)it is still your responsibility. Apparently the lender feels they can collect the debt by other means. Secured lenders have the option of negotiation or collection of the debt in full. Bankruptcy does not relieve you of secured debt, unless it is agreed upon by the lender.
If a debt is not reaffirmed by a creditor is the debt discharged in a bankruptcy?
The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.
Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
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.
When you are in bankruptcy should you continue to pay for your homes hazard insurance?
Bankruptcy and Homeowners InsuranceYes, You should continue your homeowners Policy until such time the the property has been transferred back to the lender or to another owner.So long as the property is in your name, whether your in bankruptcy or not, you are still liable for any damages.
Can a car that is included in a bankruptcy be sold to a junkyard for parts?
Until the case is over, you shouldn't do anything with the car without permission from the court. If you owe money on the vehicle, you have a duty to maintain insurance and make the car payments. If the trustee abandons the car back to you, you can do whatever you want with the vehicle subject to any rights the lender might have.
If a car that you are buying from an individual was repossessed because he filed for bankruptcy can you get it back?
NOT if it was repoed by a lender. You had NO standing in the contract between the lender and the B/K person. You should have watched the B/K person closer so you didnt get burnt. Next time buy from a car lot or bank.
If someone filed bankruptcy back in 1999 and a creditor was not listed were they included in the bankruptcy?
No. And if you knew they were a creditor, you could be subject to fraud charges for having filed papers with the court swearing you were declaring your entire financial status and known creditors.
Is it legal for a collection agency to try to collect on a debt that was released in bankruptcy and then sold to the collection agency by the original creditor bank?
Legal or not, this happens every day. Inform the collection agency and the original lender that this was included in the bankruptcy. The collection agency may want to see proof but usually the original lender will call and request that - that particular account be sent back. Make sure you get something in writing from the original lender--and that the collection agency REMOVES their account off your credit report--check your report 3 to 6 months later, to make sure this has been done. If you don't want to wait--send a copy of the signed letter on the lender's letterhead to all 3 collection agencies and wait for their response. Even though it will take about 30 days--this is the quickest way.
Is my 401k and IRA protected from foreclosure?
If by "foreclosure" you mean that the mortgage lender is taking your home back, yes they are prtected. However, if you really mean BANKRUPTCY, no, they are NOT protected, since they are assets you can use to reimburse your creditors.
Even if you are current with your car payments should you give back my automobile during chapter 13 bankruptcy?
The simple answer is no. If you are current on your car note, then this is not the issue that lead to the bankruptcy. That you are paying it current may have contributed to your financial situation, but on the surface it is not a reason to surrender the vehicle. Either do not list it or reaffirm it with the lender.
If you have been discharged from ch 7 bankruptcy and now you do not want your SUV if you surrender it how will that look on your credit report?
No worse than the B/K. Take the SUV back to the dealer, call the Lender and tell 'em where it is.
What is a reaffirmed mortgage?
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
