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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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โˆ™ 2004-10-22 10:16:29
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Q: 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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What does the voluntary dismissal of a chapter 13 bankruptcy mean for the debtor and creditors and the debtor's credit report?

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.

What is meant by voluntary bankruptcy?

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.

What happens when you file Chapter 7?

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.

Does the bankruptcy co-debtor stay apply to a joint debtor?

The co-debtor stay is applicable in chapter 13.

Can you file a chapter 7 bankruptcy after a chapter 13?

Yes, and this happens often. A debtor who cannot meet the obligations of the payment plan imposed by Chapter 13 Bankruptcy may wish to switch to Chapter 7. This can be done once for any reason, without court approval. However, to switch back, approval of the bankruptcy court is required, and they will rarely allow a debtor to make multiple switches. Note that in switching from Chapter 13 to Chapter 7, much of the debtor's property is now up for grabs to be sold off to pay his or her debts. However, if the debtor cannot make the payments under a Chapter 13 bankruptcy, switching to Chapter 7 may be his or her only option.

What happens to contracts under a Chapter 11 bankruptcy?

Chapter 11 permits the debtor to accept or reject executory contracts (contracts whose completion is to be accomplished in the future).

What is a motion for insolvency?

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.

You are a cosigner and the debtor has filed chapter 13 what happens to your obligation?

You are protected during the term of his bankruptcy. If he does not resolve the debt under it, you will remain responsible.

Can we purchase a business from a chapter 11 debtor?

Yes, with bankruptcy court approval.

What is filing chapter 7 bankruptcy?

Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.

How do I convert chapter 13 bankruptcy to chapter 7 myself What should be included in the motion to convert letter?

The debtor (or the debtor's attorney) can do this with a simple filing - usually an "Ex Parte Motion to Convert Chapter 13 to a Chapter 7." Providing the debtor's bankruptcy has not previously been converted already, the debtor/debtor attorney can do this without the permission or advance permission of either the bankruptcy judge or the Chapter 13 trustee that is managing the bankruptcy up until that point (hence, the "Ex Parte" part of the document). There are notice requirements - check with your local bankruptcy district to see who this needs to be mailed out to. Also, there is usually a small fee involved (it usually involves the debtor paying the difference in cost between a Chapter 13 and a Chapter 7 filing, but may be different - again, check with your local bankruptcy court). The debtor will be required to go through another 341 creditor's meeting with the new Chapter 7 trustee.

Can the debtor file for bankruptcy after a creditor is awarded a default judgment because the debtor did not make a court appearance?

Yes, most judgments can be discharged in a chapter 7 bankruptcy.

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