Repossession

In the case of a home, it will be sold at Sheriff sale on its own. (or the Trustee may sell it)

In the case of any other property, the Trustee must abandon the property, then the Creditor will contact you (or your attorney if you have one) to arrange to get the item.

If its a car, or some other type of personal property, you can sometimes accellerate the process by calling the creditor's attorney. (Or the creditor if they don't have one)

Ask the Trustee at your 341 hearing (meeting of the creditors) what he/she thinks. They may abandon it right there.

You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and have sufficient income to qualify howevevr. there are some mortgage lenders that will allow one day out of bankruptcy with 100% financing

If you are making regular payments and have not had any problems, it is unlikely they would do much of anything. Depending on your own financial history however, they could, if it is in the lending contract, require another co-signer. Your best alternative IMO, is to be honest with the creditor and explore the options.

You can file for a Chap 13 to be "dissolved". Although it is probably too late for that in your case, as you are already in default. Not knowing the exemptions allowed in your state, it is difficult to say what will happen to your house. You need to consult with a BK attorney ASAP. Preferably the one who handled the original filing. I don't understand why you did not file another 13, or ask that the original one be modified. Just double up on your payments till you get caught up, Or contact your attorny.

Your obviously a person who cares more about some car than your credit. Bad logic leads to bad choices and a cycle of financial problems throughout your life. Shame

In BK the debtor is allowed a set of exemptions. Each state has statutes regarding what is exempt and to what extent (amount). They are different by state and/or federal law. The debtor/consumer should find out what the exemption laws of his/her state of residence are before filing. And if they can choose between state, federal or a combination. The BK attorney should supply you with this information. If a person is handling their own BK, they can obtain the needed forms/info. from the Federal or state, court clerk's office. Depending on the choice(s) of how to file. Another option is online, forms/filing. Always use caution when using the internet and/or "do it yourself" transactions of any kind.

Yes. It is usually the only other option for a borrower. If not the creditor might seek legal recourse in the form of a lawsuit. Even though the idea of a lawsuit is "scary" it can be a better choice than BK, depending on circumstances of the borrower.

Any money you inherit prior to a bankruptcy being discharged would have to be revealed to the judge and trustee assigned. These newly acquired assets would be factored into your financial picture and may be captured in whole or part to pay your creditors. It is possible that a sizable inheritance would cause your bankruptcy petition to be "thrown out". Consult with a competent attorney to learn the exact implications in your case and state.

If payments are current and there has been no breach of the loan contract the car cannot legally be repossesed. It is highly unlikely that any lender would want to initiate such proceedings if they are getting paid in a timely fashion. Repo is the last thing a lender wants to do.

Even though bankruptcy is filed in federal court; asset exemptions are determined by state law. You would need to pose this question to an attorney familiar with (your states') bankruptcy laws.

Its done every day of the year.

No. Even if the dealership would let you,(never happen)it is still your responsibility. Apparently the lender feels they can collect the debt by other means. Secured lenders have the option of negotiation or collection of the debt in full. Bankruptcy does not relieve you of secured debt, unless it is agreed upon by the lender.

You car being repoed has nothing to do with bankruptcy. You can file anytime.

If you are filing though, make sure you keep track of the value of the vehicle v. the exemption in your state for cars. You may end up having to pay the trustee more if you get an expensive car. IF you get a car that is 100% financed though, don't worry about it. (The bank would own it, not you)

No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.

It would be simpler for all parties if you contact them and voluntarily surrendered the car at the lender's discretion. Although you do not legally have to reliquish any property until the BK is discharged.

How much time do you want to buy? The court will tell you what to do if you don't contact the lender.

The court will contact the lender after you file and ask what the lender wants...actually, where and when he will pick up his assets.

Usually a month.

If the vehicle is included in the filing, the lender cannot take any action until the BK is discharged. A vehicle is considered a secured loan, and therefore the lender can repossess it after the BK has been discharged. Sometimes the lender will agree to reaffirmation of the debt. The vehicle exemption will also be considered in the BK Trustee's decision.

Another good tactic people can do in Chapter 7 is redeem the vehicle if the amount they owe on the vehicle is greater than the value of the vehicle. Under 11 U.S.C. 722, a debtor can file a motion to redeem collateral for the fair market value. Once the court grants the motion, the debtor can go get a loan elsewhere for the fair market value and pay it to the original creditor, and the original creditor is forced to accept the lower amount and release the title. This cures the fact that the debtor is behind on payments to the original creditor and potentially saves the debtor a lot of money. There are companies who exclusively loan money to persons for redemptions in Chapter 7 cases. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

If you sign a reaff on the loan, then it keeps going under the old loan except for any new provisions of the reaff... so yes, all payments should be recorded.

Note though: Some Buy here/Pay here places work like other debts (Mainly medical bills) and do not report the "good" (timely payments), only the "bad" (missed or late payments).

Open Bankruptcy means that your petition has been filed, but you have not yet received your discharge papers. The discharge papers officially relieve you of your debt.

PROBABLY if one is in a Chapter 13 and that debtor converts to Chapter 7, that debtor can re-file another Chapter 13 immediately after the Chapter 7 discharge.

I say "probably" rather than "yes" for a few reasons: (1) There is no Bankruptcy Code section that prevents immediate filing of a Chapter 13 after a Chapter 7, but a creditor could object to the new Chapter 13 and argue that the debtor is abusing the Bankruptcy Code, an argument the Court may or may not be swayed by based on the circumstances of the case; (2) If a debtor voluntarily dismisses a Chapter 13 once a Motion for Relief from Stay has been filed in the Chapter 13 case, that debtor is automatically barred from re-filing another Chapter 13 for 180 days (see 11 U.S.C. 109(g)(2)). So, a creditor may argue that conversion to Chapter 7 is akin to voluntary dismissal and so the debtor should be barred from filing another Chapter 13 for 180 days if a Motion for Relief was filed in the prior Chapter 13 case (and I have no idea if such an argument would work for the creditor); and (3) Different districts may have different case law affecting the answer to this question, so it's probably best to consult a lawyer in your area.

Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

Not necessarily. It is possible to co-own a car, be on title, and not have borrowed money for the vehicle. Credit history is established when you borrow money. It is a record of how you have paid the money back. If you purchased a car with someone else by paying one lump sum, and never borrowed; then co-owning would not have established any credit history for you.

Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the bank does it for you) to cover the balloon payment. Most people will be able to refinance, the question is just how high their rate will be. You do not have to use the same lender that your first ballon mortgage was with. Many lenders have programs for people with less than perfect credit. The only problem is your rate will be high, so you want to refinance as soon as you have a decent credit score to get a lower rate. If your balloon payment is coming due and you can not qualify for a loan because you owe more than the home is worth then talk to your lender about a shortsale or deed-in-lieu. If neither of these are available and a workout just isn't possible, it may make more financial sense for you to just walk away from the property.

Yes there name will appear, but luckily after the 1st year, you can go to the city registery and have there name removed.

Cosigner will also be on the note.

First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them.

A doubt very much if a lender will release a cosigner from any obligation if the collateral is not fully paid for. In this case the collateral is a car and its a repo mans dream. Remember to always know your cosigner.

It depends on how the vehicle is titled. If both of your names are on the title she has an equal right to possession of the vehicle as you do. So technically she could take it. But then again you could take it back because you have the same right to the vehicle as she does. Now if its just her name on the title then she can take it without your consent and there's nothing you can do about it.

Depeding on how the vehicle is titled you may have legal rights to the vehicle even if you aren't making the payments. However, in order to just get it titled in your name then you will need their consent if it's currently titled in both of your names.

Very simple answer to all these questions. If your name is on the title, you can have the car. If your name is on the loan, you can make the payments.

WHAT if BOTH names on tittle, reg and insurance, one is making payments but other is the strong credit that got bike and wants it back

The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.

Co-buyer = Name is on the title and has rights to the property. The lender will PROBABLY insist that this person also sign the loan as a co-signer or joint borrower.

Co-signer = Name is on the loan and is obligated to make the payments if the primary borrower does not. This gives you NO rights to the property.