My car was never repossessed after chapter 7 information

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My Car Was Never Repossessed After Chapter 7. Car never repo�d after chapter 7, five years ago. You should contact the lender and request that they either pick up the car or release the lien so that you can get rid of it. However, as mentioned above, you must act quickly. Unlike a chapter 7 bankruptcy, a chapter 13 bankruptcy can help you get a repossessed vehicle back by making payments towards the car.

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At the meeting of creditors, the trustee directs debtors to surrender their vehicles that they aren’t reaffirming. They can not repo the car once you have filed, it is against the law. Keep the car and continue to use it as long as you want. Car repossession is proper after a chapter 7 discharge because the lien on the car is not erased by the bankruptcy. You should contact the lender and request that they either pick up the car or release the lien so that you can get rid of it. Once repossessed, the lender will sell the car at auction and use the proceeds to pay down your loan.

That is called an “automatic stay”, and it makes it illegal for most creditors to continue any collection activities.

This lowers the payment in most cases significantly. This actually happens a lot in a bankruptcy. Then the best way out is to surrender your car to your lender, usually the bank. However, for this to happen, the statement of intention in chapter 7 bankruptcy should state that you are surrendering your vehicle. The key to getting your car back is stopping the process before auction. You would lose the car and your chapter 7 discharge will not protect you from having to pay repossession costs because you reaffirmed the debt.

Source: robertspaynelaw.com

If you have a car loan or a car lease when you file chapter 7 bankruptcy, you must choose whether to keep the car and continue to pay for it or surrender it and discharge (wipe out) the debt. Relying on this, creditors will come repo even without a motion for relief. He indicated that he wished to surrender the vehicle but hsbc refused to come out and take possession. I have a car loan through exeter when i filed and i was behind 3 months on payments, well i filed in may and still have car now and as a matter of fact my attorney told me if they want to repo in a chapter 7 they have to file a motion through the court and that alone takes 30 days. This lowers the payment in most cases significantly.

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