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.
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%DETAILS%. Answer . it could go either way. It will say "included in BK" if you included it and repo if you did not..
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?
Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.
This would be best answered by a good bankruptcy attorney who knows Arizona law. I believe no matter what you do bankruptcy or not, they will get the car, it does not wipe your credit clean.
If your car has been repossessed and you have not yet filed bankruptcy can you still be eligible to get the car back after you file?
%DETAILS% If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
BK only stops the repo process until the BK is discharged. BK does not mean you can keep the car without paying for it. My opinion? Give the car back.
%REPLIES%. Answer . Karen, it is possible to do so legally. You should ask your B/K attorney if it was legal the way it was done. S/he is in a btter position to know ALL the facts.. Answer . Within days of filing the BK, your finance company should have received notice that you filed for BK …protection. If they wanted the vehicle, they should have filed a Motion to Lift the Automatic Stay. It is up to the BK court to grant or deny the Lift of the Automatic Stay. If they didn't, then they cannot legally repossess the vehicle. If they did, they have every right to repossess the vehicle. Consult your attorney immediately.. ( Full Answer )
If your car was repossessed and your father co-signed for it and he is filing for bankruptcy will this be discharged?
Good news and BAD news. It WILL be discharged for him. It WONT be discharged for YOU. You will be expected to pay the WHOLE debt.
NOT sure on this, but it seems that until they give up the right to repo by getting a judgment for the amount owed, they could still repo. Once they get the judgment, they would not have the car for security for the loan. Ill check on it and post again in a couple of days. They may let it go due t…o lack of security, but remember: no payoff, no deed certificate. ( Full Answer )
If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
If you are filing bankruptcy and your car is damaged and the lender will not repossess it what should you do with it?
Notify the LENDER by cert mail that they have 10 days to remove the car or you will have it towed by a wrecker company. IF they dont p/u the car, call a wrecker co. to come get it.
Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?
The Lender may or may not want to repo a wreck. Bankruptcy, samedeal. Call the lender, tell them what the car looks like, and letthem decide. ___ File bankruptcy if you are buried in unsecured debt, not to savethe car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH be…tter) on a creditreport than a Chapter 7. Let it get repossessed. ( Full Answer )
I believe there is a process called "RE-affirm" involving you and the LENDER that must be complated. You should ask your B/K attorney for case specific advice.
If your car was repossessed on Friday will you get it back if you file Chapter 7 ore 13 bankruptcy on Monday?
Thats an excellant question to ask your B/K attorney. maybe if you REAFFIRM the debt, you can get it back. MERRY CHRISTMAS
If you have a clear title and FMC did not perfect a lien can they repossess the car after you notify them that you are filing bankruptcy?
Your B/K attorney should be glad to reccommend a course of action. S/he might just get out of the B/K business long enough to make a ton of money on this one.Of course, you DIDNT say if FMC had a DEFAULT contract with the Explorer as collateral & your name on it OR if you had a B/K CASE NUMBER when …the Explorer was repoed. Those to facts will make a difference in whether ANY attorney will take your case. My first reply was NOT to say that FMC is perfect. They have been known to screw up and take short cuts. That's why my first statement was ASK your attorney. If they have screwed up, the attorney will likely jump on the case. ( Full Answer )
If you have your car repossessed but still owe money on it can you clear this debt by filing for bankruptcy?
Hi,yes every single debt will be erase,the only debts you can't erase with bankruptcy are past due taxes ,everything else is wipe out,thats why is called "fresh start" .
If your car was repossessed and you went and got another one are you still allowed to file bankruptcy?
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 10…0% financed though, don't worry about it. (The bank would own it, not you) ( Full Answer )
Answer . \nLet me get this straight. You filed B/K over 5 yrs. ago and the car was/is repoed recently? If this is correct, the car will be sold and the lender will want you to pay the balance still owed.
Your car was repossessed because you was unable to make full payments. your bankruptcy lawyer said the terms of your bankruptcy discharge relieves you of that debt. Is this true?
Answer . An internet forum is NOT a good place to second guess your B/K attorney.. Answer . \nYes it is true
Answer . \nThere's no definitive answer to a question of this type, as the final decision would depend on the person's overall financial situation. Bankruptcy is a very serious action and should only be used as a last resort. Especially in light of the new bankruptcy reform laws. Even in bankrupt…cy (unless it is a 13) a vehicle may have to be forfeited, depending on the vehicle exemption status and the terms the lender is willing to agree upon. ( Full Answer )
Answer . You have the right to call/visit your B/K attorney and have s/he explain your rights as you've paid them to do. Who knows your case and state laws better???. Answer . \nSay I can't afford an attorney (which I can't). Now what?. Answer . Then you cant afford to file B/K, but if yo…u do file pro se, you better do your homework. The failure rate for pro se B.K is rather HIGH due to mistakes and lack of knowledge. Unfortunately, this is NOT the place to find that info. Search on "Bankruptcy" for better results. Check the links to the right too. ( Full Answer )
Answer . You can buy anything you want after you file or at anytime. The question is has the BR been discharged, if not you probably will be liable for anything you buy and it will not be listed on you debt or assets. If you pay for it in full the court probably will seize it to help pay credito…rs because it is an asset. If you have a car in most states unless it is a Mercedes or something it will be exempt and if you need it to provide a living very doubtful they can seize it. ( Full Answer )
If you filed Chapter 7 bankruptcy on a repossession balance and the bank never came to repossess the car and the debt was discharged can you get the title?
Answer . \nUnless a secured lender has received a "lift of stay" on a debt included in bankruptcy, they must wait until the BK has been discharged before they can repossess or begin legal procedures to retrieve a vehicle. A vehicle is considered a secured debt and is not dischargeable in a chapte…r 7. The borrower/debtor should contact the BK trustee and/or the lender to clear up the matter or he or she may face complicated litigation in the future. The title will still show a lien holder and the DMV will not issue a duplicate one until the lender signs the vehicle over to the borrower. ( Full Answer )
If you filed bankruptcy in Illinois and have not made a car payment this month but notified the bank of the bankruptcy will the car be repossessed or will you be notified to return it?
Answer . \nIf you are not going to reafirm the loan, in other words- keep and pay for the car, then yes the\nbank will want the car back. Usually they will try to get the car back shortly after your 1st\ncourt date when the court has oked your petition to go thru bankruptcy.
If your aunt cosigned for a car and it got repossessed can she file suit against you because of the repossession?
Answer . \nYes she can "IF" you fell behind on payments, and your car was repossessed, that means that she is liable for the monies due and she has every right to sue you to recoup her losses, so that her credit does not go bad.If you do the right thing right away and pay what you owe, you might …be able to salvage your car and your aunt's trust. Good Luck ( Full Answer )
If a person files for chapt 7 bankruptcy can he get his cars returned that were taken 6 days ago by the county sheriff because an individual who won a civil suit again place an attachment on the cars?
Answer . \nNo. Even if the BK had been filed under the circumstances cited the vehicles were subject to seizure and sale. Chapter 7's temporarily halt lawsuits and recovery of secured property, they do not prevent a lawsuit from being refiled (except those by creditors included in the BK) or se…cured property from being repossessed. ( Full Answer )
If you are behind on your car payments should you file bankruptcy before the vehicle is repossessed?
\n. \n Answer \n. \nBefore doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see… if there's anything they can do.\n. \n . \n No.\n. \nBankruptcy should be the last resort for a debtor.\n. \nBe that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan.\n. \nSecured property such as a vehicle are not dischargeable in bankruptcy. ( Full Answer )
Answer . \nYou can, but it most definitely would not be advisable.\n. \nThe vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
Answer . You would be better off buying a lower priced used car and getting your financial house in order. If you still believe you want the car back (in most cases the payments are higher than is affordable), check with the dealer and ask. The information may be in your legal packet that was …given to you. ( Full Answer )
Repossession of car . It depends if the car is in your name or his. If it is in his name, then yes.
Only If Chapter 13 . Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.
If your was repossed you need to call the car company and pay your car
That totaly depend on what else is happeneing in your credit world.. Just because your car gets reposessed? NO once they take your car there is nothing else you need to do with them. If you are in debt for way more than you can handle then you might want to think about bankruptcy, But first talk to …a credit councellor, sometimes they can get your interest totally wiped out and lower your monthly payment low enough for you to handle them. Defifnitely talk to a credit councellor first! ( Full Answer )
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
When someone files for bankruptcy, they are protected and theirpossession will likely not be repossessed. However, if they are,subject to repossession you would have to talk to a lawyer in orderto keep the car.
you can have a car in your name as long as the retail value in $500.00 or less. I know this because I just filed and my lawyer just told me that**** Second answer: This is serious business. You really should check with a local lawyer - I think that Bankruptcy is governed by Federal law, but diff…erent states may have additional protections for their residents. As far as I know, you can get a car if you need one, as long as it isn't a Maserati or a Porsche, without looking as if you're abusing the bankruptcy code. (A finding of abuse will probably mean denial of bankruptcy relief). ( Full Answer )
The debtor always has the ability to come up with the past due amount and become current to recover the vehicle, prior to the vehicle being sold at auction. After sale, it's all over. If you file a Chap. 13, normally, upon proving you have insurance, the debtor is included at the correct amount a…nd correct interest, etc. in the payment plan, they will relinquish the car. If you file Chap 7, you would need to be able to pay the past due and really, better have a way to pay for it going forward too. No, you never get to get the car and use it, even while Court matters settle, without paying for it. ( Full Answer )
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.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
Your car was on a buy back list because of problems Before the buy back could go through your car was repossessed What are your options?
Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price - you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission unti…l you paid the price to them. The finance company will benefit from any transactions concerning it. ( Full Answer )
If you filed bankruptcy and one of the creditors had a lien on a car do you get the title back after the bankruptcy is final?
Normally, as a secured creditor he would get to repossess and sell the car to recover as much of what you owed.. Or if you reaffirmed the debt, then the lien stays as does your obligation to pay.
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
A basic, rough primer: BK is always done under FEDERAL Laws, in a Federal Bankruptcy Court. Basically State makes little difference. (Yes the BK Courts operating in certain areas have certain special exemptions and such, minor in the overall, generally intended to make things adhere to the lo…cal laws and customs better). Federal Bankruptcy Courts handle cases in their jurisdiction, which is determined without any real regard to State lines or such. There are many, many Districts, made according to what the Feds feel are their needs. In a personal bankruptcy, YOU go bankrupt. Not a debt, not a loan...not a car...not a house or a this or that. ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. They are all , always involved in some way. BK may stall off a foreclosure for a short while, but it is entirely different than one, and will NOT prevent the ultimate loss for long. Which is to say, in simple terms, you either pay for your house AND all the liens against it, or you lose it...there is no magic or legal action that will have a different outcome. After filing and disclosing everything, the court will then order each of them in priorities according to the laws. Some things may be exempt from use or discharge (like your personal furniture and retirement accounts are exempt and child support and most court imposed fines or penalties cannot be discharged) - and the rest may be used. With one to pay the other. AGAIN - THEY ARE ALL INCLUDED AND LISTED - how or if the BK will effect them is decided by the Court & Laws. (All possible creditors are contacted and asked to say what they are owed....you may be required to even take advertisments out to make sure everyone is notified). Not including everything is lieing to the Court and probably won't have the effect you want anyway. And think about it...it's on your credit report, ot its on a credit application you made (and that creditor wants to know what happend to it...unless you lied on the application = criminal fraud). Any deal you've done for several years is open to scruitiny and review. The court can reverse them, take them out of the BK, or even have them prosecuted as trying to defraud your creditors. (So, no you can't sell your boat to your brother and then declare BK). PAYDAY loans, while under the actual law may be denied discharge (as they renew every 30 days and are therefore too close to filing and are considered made in anticipation of BK), because of how abusive and unfair they are, if taken out a bit before filing, most judges will indeed allow them to be discharged - regardless of the many good arguments the lender has. Virtually all legal penalties and fines can not be discharged as that is against the "public good'...BK is not intended to allow you to avoid paying for your misdeads and avoid the consequences of prior actions of that type. No, it won't lessen your jail term either. Debts secured by an asset (say a car or house mortgage) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder of that debt becomes a general or unsecured claim against the BK., and has a chance to payment on that level too (albeit a lower priority than those who have yet to receive anything). The end/remaining amount that can't be satisfied is generally discharged by the court...meaning you no longer owe it. You get a fresh basically debt free start....many of those you owe don't get paid what they had expected and relied on, if anything. There are many other considerations too. BK will severly hurt your ability to get credit for a very long time for example. It is on your credit report for at least 10 years...and employers refer to that too, as do landlords and more. Many do not trust people with bankruptcies in their past, especially in the last few years. Many more things. That you have done so is actually available to all, as a matter of public court records, for much longer than the 10 years it is on your credit report. Not disclosing all items is frequently tried and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well). Many seem to fall into the trap thinking that they can trick or change or especially shortcut the system, or want to believe what they wrongly understand overrides things (like I don't have to report that asset because it is exempt). It simply ain't going to happen. The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for tricks and games. It is unlikely you would discover one that hasn't been tried a zillion times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams , and getting caught doing something unsavory (intentional or not), other than screwing up your bankruptcy filing, is frequently considered and persued criminally. (Think your financial troubles are bad, try adding in criminal ones). The legal process and system is demanding even for those experienced with it. Many of your creditors will have an attorney to assure they get as much as possible, even groups of lawyers, who specialize only in bankruptcy. Simply you should/better/need to have one too ( Full Answer )
When you first meet with your attorney, and fill out the initial paperwork, normally all credit collection is to stop including car repossession ( if you have included your car's creditor on your list). You may also be allowed to keep your car anyway, depending on its value. Even then, if it exceeds… the allowable dollar amount usually the court will allow you to do a negotiated payment of the amount of excess. Advice - When your final hearing come up , MAKE SURE that you have all the proper documents requested by the court WITH YOU! Often, at the last minute your law firm will substitute attorneys and he or she might be clueless and/or, unprepared. This happened to me and being completely prepared saved my butt!!! ( Full Answer )
On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.
After discharge is too late. The good news is you are exempted for 1 car as long as it's not outrageously valuable. If you can no longer afford do a voluntary repo. the car is the loans security & once they have they cannot do much. They will auction & try to recover anything they were unable to rec…oup with the sale. It will still drop off your report before the bankruptcy & I don't think they can get a judgment if you surrendered the car. If you had a preparer for filing, seek advice as far as your best way to go, since states not all the same. ( Full Answer )
While both home and automobiles are considered secure creditors, there are much less protections for automobiles. About the only way you would be able to obtain a court order for the assets return would be if it was recovered after your bankruptcy was filed and that both the creditor and repossessio…n agency had sufficient notice of your filing. If it was recovered before your filing, or ability to provide sufficient notice, then its impossible to get the car back. ( Full Answer )
Within days after your discharge. You will have to find one of those dealers that arrange financing, and you will pay a high interest, but it can be done. You cannot do it after filing but before discharge, except in a chapter 13, with permission of the court.
Can you get your car back after it has been repossessed from the title loan company after I file bankruptcy?
Only if the car has not been sold, at auction usually. Some states require notice of the repossession and intended sale date. Consult a local bankruptcy attorney if you have filed pro se or pro per (without a lawyer), or your state Attorney General's office.