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What happens to the deficiency of a repossession after chapter 7 bankruptcy is discharged?


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Wiki User
2004-08-08 17:53:15
2004-08-08 17:53:15

IF you list it on the B/K. it goes away, you dont owe it anymore.

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In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy

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No, this is not legal. When you filed the bankruptcy, you and your property are automatically protected under the "stay." The stay prevents any collections or repossession action for the duration of the bankruptcy, and will not be lifted until the BK is discharged or dismissed.

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Unfortunately no. Both private and federal student loans can not be discharged in Chapter 7 bankruptcy.

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a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong. a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong.

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Yes, they can be discharged. A chapter 13 may not be the best way to go, however. You should consider a chapter 7, if you qualify. Consult a local bankruptcy lawyer.


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