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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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Related questions

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

Sure


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.


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 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.


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.


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.


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.


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.

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