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  1. #1
    Join Date
    Oct 2005
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    Somewhere you are not :)
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    6

    Default 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?

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

    Default 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.

  3. #3
    Join Date
    Oct 2005
    Location
    Somewhere you are not :)
    Posts
    6

    Default

    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?

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

    Default 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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