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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.

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โˆ™ 2015-07-16 18:10:46
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Q: Is it better to declare bankruptcy or have your car repossessed?
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When can a car be repossessed after bankruptcy is filed?

you better go look in you driveway


Can you go to jail after your car has been repossessed and you don't want to pay the loan?

No you can't be sent to prison.You can declare bankruptcy .


Can your car get repossessed after bankruptcy?

not if you still owe money on it


Can a car be repossessed if involved in bankruptcy?

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.


Can a car be repossessed if a co buyer files bankruptcy and the primary buyer has the car?

When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.


Can you file for bankruptcy after 3 years of car being repossessed?

Sure


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, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.


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.


If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?

Of course, it won't legally be your car however.


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.


What happens if my car is repossessed and then I file bankruptcy?

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.


If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?

If the car is being repoed then you owe something.


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.


Can you get a repossessed car back by filing chapter 7 or 13 bankruptcy in Arizona?

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.


Can you declare bankruptcy and get out of a car you owe way more than its worth?

for sure


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?

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.


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.


Can you get your repossessed car back if you file Chapter 7 bankruptcy and start making payments?

You will have to ask your bank about that. They are in control now.


If you filed for bankruptcy and then your car was repossessed are you still going to have to owe something?

Ask this of your B/K attorney. that's what you are paying for.


Can a car be repossessed when it is in litigation for redemption in bankruptcy ct though the bankruptcy was discharged?

This is a good question to ask your B/K attorney whom you are PAYING to look out for your best interests.


Can you file bankruptcy if you are hiding your car from being repossessed?

You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.


Can your car be repossessed after filing bankruptcy if you are up to date on payments?

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.


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?

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.


What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?


Should you pay off your repo car?

You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.