answersLogoWhite
Repossession
Debt and Bankruptcy
Leap Year

What happens when you surrender 2 cars in bankruptcy and a year later you still have them because the creditors have made no attempt to get them back?


Top Answer
User Avatar
Wiki User
2015-07-17 17:43:12
2015-07-17 17:43:12

That is a good question to ask your B/K attorney. Otherwise call a local wrecker/towing company to tow them away. They appear to be abandoned. Lots of folks take them to the B/K attorneys office and let them deal with it.

IF the lender gets a judgment for the balance owed, you PAY that judgment off, then the cars are yours. You should get a clear title to them.

Related Questions

User Avatar

Bankruptcy raises creditors expenses because people get out of paying what they owe. It causes the price of everything to go up because of those who don't or can't pay their debts.

User Avatar

The creditor does not waive the lien on your auto simply because they did not appear at the 341 meeting of creditors. It is your responsibility to reaffirm (new contract) or surrender the auto. There are situations that may exist where you can avoid their lien if the liened property is not properly perfected. Bankruptcy is not black & white. It is strongly advised that you seek counsel.

User Avatar

Of course. A charge-off is a tax benefit and has nothing to do with your bankruptcy.

User Avatar

The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.

User Avatar

== == YES. All of your property is considered in a bankruptcy. Your creditors have every right to get at ALL of your property including your business assets. I would be very surprised if the court didn't order the sale of the business to satisfy the creditors demands.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.