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What happens when debtor files bankruptcy Chapter 7 and lists the car as a voluntary repo but it is not picked up after a year?


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Wiki User
2004-10-22 10:16:29
2004-10-22 10:16:29

It belongs to the lender and YOU get to store until they come pick it up. yes...but dont forget to let them know you will be charging them a $60 a day storage fee, just like you would get charged.

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A Chapter 7 bankruptcy proceeding is started by filing a petition with the bankruptcy court. The person filing a Chapter 7 is referred to as the "debtor." The debtor is necessary to disclose to the court all of its property and debts and turn over all nonexempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. The debtor then obtain a discharge of all dischargeable debts.

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When any bankruptcy action is dismissed for any reason the debtor(s) lose(s) bankruptcy protection. This means creditors may pursue collection of the debt, including, in most situations filing a lawsuit. A chapter 13 bankruptcy dismissal will remain on the debtor's credit report for 7 years.

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The co-debtor stay is applicable in chapter 13.

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Voluntary bankruptcy is when an insolvent debtor brings a petition to a court to declare bankruptcy because they are unable to pay off debts. This form of bankruptcy is meant to create an equitable settlement of the debtor's obligations.

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Such a motion is made to a United States Bankruptcy Court, and Article I court under one of the 94 Article III federal District Courts. It is called a Petition for Bankruptcy. Title 11, United States Code, section 301, headed "§ 301. Voluntary cases.": "(a) A voluntary case under a chapter of this title is commenced by the filing with the bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter. (b)The commencement of a voluntary case under a chapter of this title constitutes an order for relief under such chapter." Such a petition may only be made by a debtor, described in Title 11, United States Code, section 109, headed "§ 109. Who may be a debtor." A debtor who is either "balance-sheet bankrupt" (where its liabilties are greater than its assets) or who is "not-meeting-its-debts-as-they-come-due bankrupt" can file a voluntary petition. Title 11, United States Code, section 303, headed "§ 303. Involuntary cases." specify the circumstances under which a creditor can file an involuntary petition, in effect, "forcing" the debtor into bankruptcy administration.


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