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  1. #1
    Join Date
    Apr 2018
    Posts
    1

    Default Car Redemption After Chapter 7 Discharge

    My question involves bankruptcy in the state of: New Jersey. I was discharged from Bankruptcy, Chapter 7 in Sept 2017. I had an outstanding and delinquent car loan balance of 12k. My car was worth far less. Requested to redeem my vehicle. Based on proof and appraisals of similar cars the judge granted the redemption for the amount of 3k. This was reasonable but at the time did not have the funds.
    The car loan was discharged along with my other debt. Now 6 months later, I still have my car but not the title. The lingering thought that they can at anytime repossess my car is frightening! I now have the 3k and would like to payoff for the title. But is this really possible after the fact? Theoretically, there isn't a balance and how to trust that they would release the title? I did not have an attorney for my bankruptcy or I would be speaking to him about.

    Thank you in advance for any advice or help in this matter.

  2. #2
    Join Date
    Sep 2010
    Posts
    17,750

    Default Re: Car Redemption After Chapter 7 Discharge

    Theoretically, there is a balance, they just can't collect it from you. They're still out the money and have a valid security interest in the car. Your only option would be to continue to work with the bank and see if they'll take your lump sum to release the lien.

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