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What are the debtor's obligations if Arizona chapter 7 secured interest is listed on car with intent to make payments no reaffirmation agreement is signed and car payment is missed and car repossessed?
Wiki User
∙ 18y ago
If the lender repossessed the car while case was pending and you were protected by the automatic stay, the repossession was illegal and you should be able to get the park back by filing the proper motion with the court. If the case is over, you need to make the payments and have adequate insurance to keep the car if you did not sign a reaffirmation agreement. If they legally repossessed the vehicle and sold it, you are out of luck but you are free from paying any deficiency. Consult an Arizona attonrey to determine if the seizure was legal under the laws of your state.
Wiki User
∙ 18y ago
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Can you reaffirm unsecured debts when filing a chapter 13?
No. Reaffirmation of debt is an option only in Chapter 7. Your unsecured creditors are paid according to your plan in chapter 13. Five requirements exist under the Bankruptcy Code in order to determine whether a reaffirmation agreement is valid: 1. The reaffirmation agreement must be entered into prior to discharge and it must then be filed with the court; 2. The agreement has to state that the debtor has the right to rescind the agreement either within 60 days after it�s filed or prior to discharge (whichever comes later); 3. If the debtor is represented by an attorney, the attorney has to sign and provide an affidavit verifying that the agreement is voluntary and does not impose an undue hardship on the debtor; 4. The debtor did not rescind the agreement within the required time; 5. That the agreement complies with the requirements of �524(c); and 6. If the debtor is not represented by counsel then the court will approve the reaffirmation agreement if no undue hardship is imposed and the reaffirmation is in the best interest of the unless it�s a consumer debt that�s secured by real property. Reaffirmation agreements are usually signed when the debtor wants to keep property that is security for a loan such as a house or car. It would be very unlikely for a court to approve the reaffirmation of an unsecured debt. However, there is nothing to prevent you from voluntarily paying the debt despite the discharge of the debt.
When a car is repossessed does the borrower receive high interest rates on loans?
no
Can your car be repossessed and sold without letting you negotiate an agreement?
As soon as you are out of compliance with the original contract, the bank is allowed to protect their interest in accordance with the original agreement. If that means repo and sell the car and that's in accordance with the original agreement, they are no doubt obeying the law. Many banks will work with you, but nothing requires that they do so. In a few US states an letter of "Right To Cure" must be sent to the borrower before repossession can occur, in the majority of states a vehicle can be repossessed under UCC laws. Wisconsin is the only state that requires a replevin order.
Can the loan co. who repossessed car tack on interest after car is sold at auction?
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
What is the conflict between self-interest and professional obligation?
obligations means obligations to yourself and it has main parts it is the heart,lblood,blood vessels
Do you still owe title loan after vehicle is not working and repossessed?
YES! Including any interest.
Can an employee be forced to sign a Conflict Of Interest agreement?
no
What are your rights to property in your vehicle once it is repossessed in NJ?
You rights are to GET IT BACK, PP is not subject to the security interest on the car.
Can your paycheck be garnished from a repossessed vehicle?
Yes. If the car's value at repo was under what you owed they can get the difference, court costs and interest.
If you have a car voluntarily repossessed can you get another car?
YES, usually you pay MORE down payment and/or higher interest rates.
Is it legal for a lawyer to represent both sides of an agreement?
No that is a conflict of interest.
What is master fee protection agreement?
Anybody has idea what is "Fee Protection Agreement" and how is it protecting the interest of the intermediary? Is there a way not to be honored by the seller?
