According to the contract you signed when you bought the car, you should surrender it any time you are in default. Sooo, what difference does a day, a few days or a month make? The UCC in every state says the lender can demand the debtor make the collateral available to be picked up after default. Hahahaa , never happens. ANSWER?? TODAY.
You don't. You voluntarily surrender the vehicle to the lender, or at least offer the ooprtunity for the lender to secure it. If the lender declines, you get this in writing and ask the lender to surrender the title to you. On the outside chance this occurs, you take the title to the DMV and change the title.
Take your hands out of the situation and let your attorney handle it.
The lender has to get the STAY lifted before they can repo.
NOT unless the LENDER agrees before you do IN WRITING.
If your Statement of Intention (in a chapter 7) says you intend to surrender the vehicle, you should offer the keys or the vehicle with the keys to the lender or tell the lender when and where to pick the vehicle up. You may want to send a certified return receipt letter to the lender with this same information. Your state laws may give the creditor a definite period of time to respond or the claim will be deemed abandoned. Consult your bankruptcy lawyer.
In a Chapter 13 Bankruptcy who gets paid last? Creditors, Trustee, their attorney or their lender? ALL ADMINISTRATIVE COSTS - TRUSTEE, ATTORNEY ARE PAID FIRST - BEFORE ANYTHING ELSE. The others sort of depend...a lender is a creditor...if a secured lender...probably before any other.
The simple answer is no. If you are current on your car note, then this is not the issue that lead to the bankruptcy. That you are paying it current may have contributed to your financial situation, but on the surface it is not a reason to surrender the vehicle. Either do not list it or reaffirm it with the lender.
Yes, this debt should have been marked as a bankruptcy by the original creditor. It cannot be changed from a bankruptcy to a discharge unless the bankruptcy did not go through.
Yes, your obligation under the promissory note will be discharged, however, the security interest will remain. This means the lender can still foreclose on the property if payments are not made. If you plan to surrender the property to the lender, then this isn't an issue.
No. But, the vehicle will become a repossession if payments are not made.
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Unclear whether the deficiency would be filed by the lender or by the trustee of the bankruptcy estate.
The car will be repossessed, unless you surrender it. If you owe more than the car is worth, the lender will not likely want to accept a surrender unless you can pay the balance due on the loan. Your state may not allow creditors to go after loan balances if they repossess a vehicle. Consult a local bankruptcy or consumer debt attorney.
If the lender agrees, of course you can remodify, but you cannot force the lender to modify the terms.
Yes, it is called bankruptcy. Move quickly though. If the lender obtains a judgment against you before you file bankruptcy, you will still owe on the loan.
First FHA doesn't make loans...it guarantees them to the lender. Your credit history is relevant to the underwritting of the loan to the lender.
That decision is made by the lender not the bankruptcy court.
I don't believe anybody can sue if you are under bankruptcy.
If the vehicle is protected by the state or federal bankruptcy exemption, you can try to reaffirm the loan agreement with the lender. If that's not possible you will be required to surrender the vehicle and will be probably be held responsible for any deficiency and applicable fees after the car is resold.
I believe there is a process called "RE-affirm" involving you and the LENDER that must be complated. You should ask your B/K attorney for case specific advice.
No worse than the B/K. Take the SUV back to the dealer, call the Lender and tell 'em where it is.
It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.
I f that was the main reason for filing the c. 13, you can. Make sure the lender knows about the bankruptcy and you have a refi commitment before you move to dismiss.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
You can refinance your mortgage, even after a bankruptcy. Refinancing can even help restore your good credit in about two years! Sit down with your lender and talk about a refinancing plan.