You don't. You voluntarily surrender the vehicle to the lender, or at least offer the ooprtunity for the lender to secure it. If the lender declines, you get this in writing and ask the lender to surrender the title to you. On the outside chance this occurs, you take the title to the DMV and change the title.
Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.
Sure, then the bank will come back and get the vehicle and send it to the auto auction to get as much of their money as they can. Bankruptcy only applies to unsecured loans. The vehicle loan is secured by the title of the vehicle. If you don't pay, see how long it takes the bank to inform you that the vehicle is now theirs.
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
It really depends on the type of bankruptcy petition you file. If you file for Chapter 7 bankruptcy the creditor who put the lien on your car may be able to take your vehicle. If you file for Chapter 13 bankruptcy you'll have the opportunity to make payment arrangements with your creditor and in that case you should get the title back after all of your payments are made and your amended. contract with the creditor has been fulfilled.
You would have to pay off the entire amount of the loan plus any penalties that have been incurred.
Bankruptcy affects debts and creditors, not vehicles. A debtor owning a vehicle exempts it or the equity in it if there is a car loan. The debt is reaffirmed. This is all part of the public bankruptcy record. If the vehicle is not exempted, the trustee takes and sells it as part of the bankrupt "estate." If there is a chapter 13, and the debtor wants to sell the vehicle, s/he will have to get the court's permission. Either the trustee or the debtor would ask the court to sell free and clear of all liens. There are a number of potential problems if you are the buyer or the bankrupt seller, so get a lawyer.
Why should you get the title? If the debt is secured by the condo or house, you cannot get a discharge of that debt unless you surrender the asset in the chapter 7.
Unless a secured lender has received a "lift of stay" on a debt included in bankruptcy, they must wait until the BK has been discharged before they can repossess or begin legal procedures to retrieve a vehicle. A vehicle is considered a secured debt and is not dischargeable in a chapter 7. The borrower/debtor should contact the BK trustee and/or the lender to clear up the matter or he or she may face complicated litigation in the future. The title will still show a lien holder and the DMV will not issue a duplicate one until the lender signs the vehicle over to the borrower.
You don't. The lien must be cleared before title transfer can take place. Pay the note or surrender the vehicle.
If you are financing the sale, you would list your name and address on the title as Lienholder or Secured Party.
Most banks will offer secured loans as part of a savings or CD plan. Car/title loans and payday loans are effectively secured loans with the vehicle and the check draft serving as the security.