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Subscribe to this list via RSS Blog posts tagged in Repossessions

Effect of Filing Chapter 13 Bankruptcy on Repossessions: Questions and Answers

Posted by on in Chapter 13

Q: I was behind on my car payments, and my car was repossessed. Can filing a bankruptcy help me get it back?

A: Yes. Chapter 13's (not Chapter 7's) are often used to cure defaults on car notes. Having a car repossessed does not cause you to lose all of your rights in that car. Under state law, you have the “right to redeem” a car (by paying for it in full) for 10 days or until the car is sold, whichever is longer. Thus, if the car has not been sold, you can use a Chapter 13 to force the lender to give it back, and let you pay for it over a period of years through your Chapter 13 plan. We can normally recover a repossessed car very quickly by filing a workable Chapter 13... assuming that you have full coverage insurance in place with the lender listed as the lienholder on the policy.

Q: I received a letter from the car lender saying that I have ten days after repossession to “redeem” the car by paying for it in full. I don’t have that kind of money. Does that mean that the car will be lost after 10 days if I don’t pay for it in full?

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Effect of Filing Chapter 7 on Repossessions: Questions and Answers

Posted by on in Chapter 7

Q: I was behind on my car payments, and my car was repossessed. Can filing a bankruptcy help me get it back?

A: Not by filing Chapter 7. Chapter 13's are often used to cure defaults on car notes.

Having a car repossessed does not cause you to lose all of your rights in that car. Under state law, you have the “right to redeem” a car (by paying for it in full) for 10 days or until the car is sold, whichever is longer. Thus, if the car has not been sold, you can use a Chapter 13 to force the lender to give it back, and let you pay for it over a period of years through your Chapter 13 plan. We can normally recover a repossessed car very quickly by filing a workable Chapter 13... assuming that you have full coverage insurance in place with the lender listed as the lienholder on the policy.It is not true that you must lose your car if you file Chapter 7.

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