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If you are not going to reafirm the loan, in other words- keep and pay for the car, then yes the bank will want the car back. Usually they will try to get the car back shortly after your 1st court date when the court has oked your petition to go thru bankruptcy.

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โˆ™ 2006-11-19 04:05:14
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Q: 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?
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Related questions

What has to happen before a creditor can have your care repossessed?

A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.


Your car was repossessed. you have to make an offer of payment. if they do not accept the offer can they force bankruptcy?

They can't force you into bankruptcy, that is a choice you have to make based on your ability to pay your debtors. When a car is repossessed it is sold and you have to pay the difference between what you owe and the cars sale price.


If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?

Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.


Could vehicle get repo if co buyer is in bankruptcy?

The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.


Will bankruptcy payment be lowered when house payment is out of default?

Yes. in support with your bankruptcy lawyers experts.


Can you file bankruptcy on an automobile and keep it in Illinois?

Yes, as long as you continue to have full coverage car insurance and make your monthly car payment on time, and your equity does not exceed the Illinois exemptions.


Can a car be repossessed the day a payment was made?

YES.


What will happen if your car down payment bounced and you made a particial payment?

The car will probably be repossessed.


Can they repossessed the car if you just owe the last payment?

The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.


Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


If you don't pay my car payment can i be arrested?

You will end up having to go to court after awhile, you could claim bankruptcy and basically start over loosing most of the large items you have such as your car and home. But if bankruptcy isn't right for you, in the end your vehicle could be repossessed by the bank who owns the loan.


Can a vehicle be repossessed if the payment is 21 days late in New York State?

READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.


Can your car still be repossessed if the payment is 30 days late?

Absolutely.


Can you get your car back if its repossessed?

Yes. If the payment is made to the finnance company.


What is the time frame to repossess a car in Texas?

Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.


Can you keep your house if bankruptcy is dismissed for non-payment?

That decision is made by the lender not the bankruptcy court.


In Kentucky how many car payments behind do you have to be before your car is repossessed?

Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.


Can a car be repossessed if the owner dies before the first payment is due?

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.


Does a mortgage company have to accept a late payment during a bankruptcy if they receive it?

No.


Can you get a repossessed car back?

READ you contract. Likely not on a 1st payment default.


Can a car be repossessed when 1 payment is left?

As long as you owe them money they can take it.


When should a stockholder receive payment if a company declares bankruptcy?

A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.


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.


Can a car be repossessed if you are late making the remainder of the down payment but have been on time making the car payment?

YES, making the down payment is part of the contract and you are in default on it.