"How will filing for bankruptcy help before your car is repoed? As soon as the B/K is filed, an AUTOMATIC STAY is in force. lenders must stop ALL collection efforts. If your not able to file for bankruptcy before being repoed how long will it take for them to garnish your wages in Ohio. ": That will depend on how quickly the lender files the paperwork, the court gets to it,ect. Guesstimate?? 1-6 months.
Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the creditor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharged or closed - which occurs approximately 6 months after it is filed - the car can be re-possessed.
Quentyn, these questions are best asked of your B/K attorney. S/he will give you the legal advice you are PAYING for. Good Luck If your car is repoed and you've already filed for Bankruptcy (Chap 7) will you be able to ask for your car back if you still want to continue paying?
If the car is being repoed then you owe something.
You car being repoed has nothing to do with bankruptcy. You can file anytime. If you are filing though, make sure you keep track of the value of the vehicle v. the exemption in your state for cars. You may end up having to pay the trustee more if you get an expensive car. IF you get a car that is 100% financed though, don't worry about it. (The bank would own it, not you)
Contact your Bankruptsy Attorney. Tell him/her what has happened. They will be able to best advise you what avenue to pursue.
A repoed auto is usually sold far below its retail value. If you have a chance to sell it yourself and pay off the loan before it is repoed you will be dollars ahead, even if you lose money on the deal.
they should not be able to garnish wages for a vehicle the leinholder has taken back into their possession for payments not being made. They have the vehicle back, so its not right for them to take your money.
Depends on your monetary situation.If you can make the payments then no but if you have alot of debt then yes declare.If they repo you lose the car and all the money you invested in it to that point.After the car is auctioned(at a very low price)you are then responsible for the balance plus all the fees.So if you go into bankruptcy before a repo you are much better off monetarily.
First, get some sort of proof that it was NOT destroyed before it was repoed, call the lender who had it repoed and askk for repairs to it. If they refuse, call a local attorney.
I want to take the company that repoed my truck to court. I need to know what the statue of limitation is to file.
Short answer. Yes. They must first sue you and win a judgment in small claims court. Once they have done that, they can garnish your wages (some exceptions apply) they can seize bank account balances and more. Your best bet is to try to negotiate a repayment plan with them before they file suit.