Results 1 to 5 of 5
  1. #1

    Default Chapter 13 Bankruptcy and Repossession

    My car was repossessed in Rhode Island. I have offered to pay all monies in arrears (2 payments plus charges & costs) but the finance company will not budge on full acceleration of debt. I have read that chapter 13 Bankruptcy will force a stay preventing the car from being auctioned.
    Will this allow me to get the car back and continue paying off the lease?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Chapter 13 Bankruptcy and Repossession

    Chapter 13 bankruptcy will temporarily stay collections proceedings, including the auction of the car, but it doesn't cure the default or undo the repo. If you wish to try to use the automatic stay as leverage in trying to negotiate your keeping a car, talk to a local bankruptcy lawyer about that possibility.

  3. #3

    Default Re: Chapter 13 Bankruptcy and Repossession

    Dear Mr. Knowitall,

    Thanks for your help with this. I am at wits end. I engaged a lawyer after the finance company refused to negotiate and provided him with the letter that said that the car would be sold on or after January 7, 2008. He keeps putting me off and doesn't seem to be very invested in my situation. I've put my trust in him and now I fear that I may lose my car. Do you think that it is now too late to get a new lawyer?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Chapter 13 Bankruptcy and Repossession

    You can retain a new lawyer if you wish. I am not sure what your current lawyer has done, what you have paid your present lawyer (and getting a refund can be difficult), or whether bankruptcy proceedings have been started.

  5. #5

    Default Re: Chapter 13 Bankruptcy and Repossession

    Again, thanks for the reply.

    I am also not sure what my current lawyer has done as he doesn't seem to have the time to talk to me. I'm not concerned about getting a refund all I can think of is that I want to get my car back and get a chance to make this all right. There has been no start to bankruptcy proceedings as I really don't want to do this and I am fully able to pay all monies owed and to continue to make the agreed upon lease payments. I am concerned that I have run out of time and options!

    1. Sponsored Links
       

Similar Threads

  1. Chapter 13: Trustee Dismissing Chapter 13 Bankruptcy, Can We File Chapter 7
    By craigandnay in forum Bankruptcy Law
    Replies: 2
    Last Post: 06-14-2010, 06:23 AM
  2. Bankruptcy Issues: Unlawful Voluntary Repossession Before Chapter 7 Bankruptcy Filed
    By lari23 in forum Bankruptcy Law
    Replies: 8
    Last Post: 04-10-2010, 08:14 AM
  3. Bankruptcy Issues: Choosing Chapter Seven vs. Chapter Thirteen vs. No Bankruptcy
    By meg132 in forum Bankruptcy Law
    Replies: 2
    Last Post: 03-04-2008, 09:44 AM
  4. Bankruptcy Issues: Bankruptcy Exemptions and Choosing Chapter 7 or Chapter 13
    By threemonkeys79 in forum Bankruptcy Law
    Replies: 6
    Last Post: 01-25-2008, 08:39 AM
  5. Chapter 13: Converting Chapter 13 Bankruptcy to Chapter 7 Bankruptcy
    By cathy in forum Bankruptcy Law
    Replies: 5
    Last Post: 07-06-2006, 06:50 AM
 
 
Sponsored Links

Legal Help, Information and Resources