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.
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.
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.
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.
Yes. in support with your bankruptcy lawyers experts.
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.
The car will probably be repossessed.
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.
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.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
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.
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Yes. If the payment is made to the finnance company.
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.
That decision is made by the lender not the bankruptcy court.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
READ you contract. Likely not on a 1st payment default.
As long as you owe them money they can take it.
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares 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.
YES, making the down payment is part of the contract and you are in default on it.