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Repossession
Bank of America

How much will the bank negotiate with you on paying the balance of your repossessed car if your only other option is filing bankruptcy?

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Wiki User
2015-07-15 19:13:57
2015-07-15 19:13:57

CASH talks and b/k walks. Why should they "negotiate" with you? They have a negotable contract and your car. What do you have? CASH will make them listen. Good Luck

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You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.

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If filed in a timely manner. But have you considered the LASTING effects of filing?

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Instead of filing bankruptcy, you can contact your lenders and negotiate settlements with them. If they are aware that you are facing bankruptcy, they often will settle for amounts less than what you owe them.

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Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.

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Yes, if the creditor first obtains relief from the automatic stay. This is accomplished by filing a motion and proving that you have not made payments on the vehicle.


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