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Karen, it is possible to do so legally. You should ask your B/K attorney if it was legal the way it was done. S/he is in a btter position to know ALL the facts. Within days of filing the BK, your finance company should have received notice that you filed for BK protection. If they wanted the vehicle, they should have filed a Motion to Lift the Automatic Stay. It is up to the BK court to grant or deny the Lift of the Automatic Stay. If they didn't, then they cannot legally repossess the vehicle. If they did, they have every right to repossess the vehicle. Consult your attorney immediately.

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โˆ™ 2004-06-14 16:33:17
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Q: What happens if your car is repossessed after you file bankruptcy without a court order?
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You will have to satisfy your creditors without the protection of the court.


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If neither the lender or the repossession company is notified that you have filed, and they proceed in good faith, your car can be repossessed. If either knowingly violated the stay, you may be able to redeem the vehicle, and the bankruptcy court may fine the agencies who acted in violation.


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It all depends on the proceedings in the bankruptcy court, the amount of assets to be re-organized or liquidated, what kind of bankruptcy, and the kind of stock you are talking about. No one can effectively answer this question without more specifics from you.


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.


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