Yhe lender cant do everything at once,they will get around to you and your car.
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.
Bankrutpcy does not automatically get rid of the lien on your car. When you file for bankruptcy, you have 3 basic choices regarding your vehicle: (1) surrender the vehicle; (2) sign a reaffirmation agreement; and (3) redeem the vehicle. A reaffirmation agreement is an agreement to keep the vehicle, continue to make all payments and not receive a discharge of the car debt. If you signed one of these, you are still on the hook for the car loan. If you owe more than the car is worth, you can "redeem" the vehicle by purchasing it from the lender for the fair market value. The trick is getting the money together. Sometimes you can get new financing and you would be on the hook for the new financing. In some areas of the country, you can keep the vehicle and keep making payments without reaffirmation or redemption and maintain insurance. If you live in one of those jurisdictions such as California, you can turn in the vehicle without repercussion.
Yes. Only if there was a relief of stay issued for the vehicle or you signed a reaffirmation for the vehicle loan and didn't make the payments.
they should not be able to garnish wages for a vehicle the leinholder has taken back into their possession for payments not being made. They have the vehicle back, so its not right for them to take your money.
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
There are some creditors that offer car loans to those who' ve filed bankruptcy.
Yes. They can. If the vehicle is in your posession when they stopped you.
No.
You could try but I doubt you would prevail. What liability do you think the leinholder has in the accident? You need to sue the driver of the car that hit you.
Yes. The leinholder (the person who has to pay the loan) and the lender (the person who receives the loan payments) is not related to the person insured to drive the vehicle.
You can stop a pending repossession on a car by filing Chapter 7. However, you will have to find a way during the automatic stay [i.e. the period of bankruptcy protection] to pay back past due payments, or else the auto lender will file for relief from the automatic stay to repo the car back. You [or your attorney] might have to tell them [thru a filed Statement of Intentions] that you intend to reaffirm the debt and work out a side agreement called a reaffirmation agreement, where you can make up the past due payments.
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.