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Preventing Repossession In Advance of Filing Bankruptcy

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  • 10-30-2005, 09:23 PM
    Deoss
    Preventing Repossession In Advance of Filing Bankruptcy
    I've decided finally to do a Ch 13. I'm being generous as my bills aren't all that bad, every creditor gets 100% of initial amounts cards (and car loan) was started at. Just no interest.

    Now, I speak to attorney tomorrow...Not a worry.

    One creditor (Car loan) is coming up on 90 days...I know filing will put a stay on them, but the filing fees might be about $2,000 which will take me 4 pay periods (2 months) to get for lawyer.

    Will the car loan people hold off while I'm with lawyer, or will the filing be the only recourse to stopping repo?
  • 10-30-2005, 10:35 PM
    Mr. Knowitall
    Bankruptcy & Car Loan
    The creditor will act in its own best interest, which will typically mean that they will attempt to repossess the vehicle before the bankruptcy is filed.
  • 10-31-2005, 09:33 PM
    Deoss
    OK thanks for the response...Here's one more small one.

    Say I file on a Thursday, they repo on Friday and are notified on Monday-Tuesday.

    Would they have to return the vehicle or can they auction it off?
  • 11-01-2005, 10:15 AM
    Mr. Knowitall
    Notice of the Bankruptcy
    When you file, make sure that they are promptly served with notice of the bankruptcy. Have your lawyer fax them a copy of their notice, if necessary.
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