How Long Does Repossession Take in Bankruptcy
A bankrupt person has a car that they kept through their Chapter 13 bankruptcy, but the car is in poor condition. They want to convert the bankruptcy to a Chapter 7 case, decline to reaffirm the car loan, let the lender repossess the car, then buy a different car. How long will it take after conversion for the lender to repossess the car?
Re: How Long Does Repossession Take in Bankruptcy
Some lenders will swoop in to repossess a car, while others will decide that the car isn't worth the cost and effort of repossession and will simply leave it in the debtor's possession. There is no way to state what the bankrupt person's lender will do in relation to their car, as it will depend upon the lender's policies and the value of the car.