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Repossession
Debt and Bankruptcy
Bankruptcy Law

How long does a creditor have for repossession of vehicle after bankruptcy discharge in OH?

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2015-07-15 19:39:44
2015-07-15 19:39:44

Thats a good question to ask your B/K attorney for state specific advice.

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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.

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The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.

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More than likely the lender has not requested as yet had the BK stay lifted. If a secured creditor does not receive permission to be excluded from the BK they must wait until the discharge is final before proceeding with repossession action. No, the borrower does not get to "keep" the vehicle unless they are able to reaffirm the loan with the lender.


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