If someone hides a vehicle in Oregon must a Writ of Replevin be issued before the debtor can be arrested for hindering a secured creditor?
I would have to agree with previous note. I am going to assume that you are the one hiding the vehicle. People like you just don't get it. Finance companies like the one I work for are gonna get you directly or indirectly. Go ahead and hide the vehicle. Let the finance company charge it off. Then go and try to buy a home or re finance the one you have. Your lender will either make you pay off the loan or roll it into your refi or jack up your intrest rate and maybe add points. Go apply for a credit card and see what kinda intrest rate you get if you get approved. Have alittle fun...Go and try to register the vehicle. Thinking about bankruptcy? You can get some what normal credit after 5 yrs now. The first 5 yrs depending on you will be spent on higher intrest rates on everything. Do the smart thing and return the vehicle or arrange for it to be picked up. Let it goto auction and see what remaining balance you have left and make arrangements to re pay it and move on......Just a thought
In Pennsylvania can a warrant be issued for your arrest if a car payment is 4 months past due and the lender has charged off the loan.?
NO, They might , IF they wanted to go that route, charge you with "hindering a secured creditor" if you wont give up the car. No this is a civil matter you will not be arrested for ANYTHING related to not paying your car loan.The above poster is wrong he is a repo guy who tells people these kinds of things to make his job easier.
This is not a question. If your question is, "What happens when the trustee moves the Court to declare a secured claim withdrawn," then one should object, particularly if the secured creditor still has a claim. If this is chapter 7, a secured creditor has no claim except on its collateral. In chapter 13, fight for your claim.
Maybe, it depends on whether or not the debt is secured and the secured amount. If you own it free and clear, and is very valuable, it will be seized and sold by the trustee. If there is a secured creditor, but the claim is small and the car value is great, it can still be seized, with the secured creditor paid off, you receiving the exempt amount, and the remainder to pay off creditors.
Can you hide a car in a garage until you get the payments if you know you will be coming into a great deal of money the next month?
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7…
How long and what legally could happen to someone who hides a car in order to avoid being repossessed?
Well, that's a matter of interpretation. The lender has the right in most states to self-help in recovering secured property. In the vast majority of matters, the borrower signed a right to cure, or there was a right to cure clause in the loan contract. This is your permission as the borrower for the lender to send someone to pick up your vehicle when you default on the contract. When you are one day late…
It should, since specific property is contemplated as security for the loan. The burden might be on the creditor to prove in court that such a loan existed to establish his claim. Written loan agreements setting forth the security interest of the creditor in the stock should be sufficient, if signed by the debtor.
While the debtor does not have to unlock the vehicle, turn over the keys, or allow the repossession agent access to the garage, purposely attempting to hide the vehicle can be considered a crime if the debtor does it with the intention of hindering a secured creditor from obtaining access to its rightful property. That said, the debtor is not obligated to assist the repossession agent in any way in obtaining the vehicle.
* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of…
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
Arnold B. Cohen has written: 'Guide to secured lending transactions' -- subject(s): Forms, Law and legislation, Loans, Security (Law) 'Bankruptcy, secured transactions, and other debtor-creditor matters' -- subject(s): Bankruptcy, Debtor and creditor, Security (Law) 'Debtor-creditor relations under the Bankruptcy Act of 1978' 'Teaching notes to accompany book 2 of Debtor-creditor relations under the Bankruptcy Act of 1978' -- subject(s): Cases, Debtor and creditor 'Bankruptcy, article 9, and creditors' remedies' -- subject(s): Bankruptcy, Cases, Debtor and…
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by…
If you filed a Chapter 13 in June and have secured creditor who filed a relief from stay and you have to go to court again what does this mean?
No, unless that dealership is of the buy and driver variety. Dealerships are that, a dealer in vehicles. Dealerships do not typically provide financing; this is typically the venue of the finance company. In the event the dealership is a buy and drive, then yes, they are a secured creditor. That is, of course, they are lax enough to not actually secure the vehicle they sold in the loan contract.
What happens when a creditor does not file a proof of claim for a secured debt in a bankruptcy case?
A secured creditor does not need to file a such a claim, the lien against the property is sufficient proof. Generally the lien holder/lender will ask for the automatic stay to be lifted so foreclosure or repossession action can continue or be implemented against the property. In a chapter 7 bankruptcy the borrower must be able to reaffirm the secured debt to avoid recovery or litigation action from the lender.
Yes it can. A secured credit card is for people who is trying to rebuild their credit or has been denied credit in the past. Most of the time a secure credit card is money that you set aside to give to the creditor as collateral which is $300. Then once approve which is most of the time, the creditor will give you a secured credit card in which you try to use it and…
In the state of Tennessee, under Tennessee 39-14-116, or Hindering A Secured Creditor, hiding property from a secured creditor (the dealer, bank, or other financial institution through which the property is financed and ultimately the repossession agent) is listed as a Class E felony. The bill states that anyone who "commits an offense who, with intent to hinder enforcement of that interest or lien, destroys, removes, conceals, encumbers, transfers, or otherwise harms or reduces the…
If you received inheritance after bankruptcy can a creditor with a secured promissory note go after it in a chapter 13 case which was filed back in November 2007?
The creditor can only raise the issue of your failing to turn over the asset to the estate, possibly increasing the dividend (amount of distribution) to the unsecured creditors. If he was in fact secured, he should have been paid as part of the plan. If the case was closed after completion of the plan, it can be reopened.