Can I file bankruptcy after my car was repossessed? 14 Answers as of February 05, 2011

Can I file bankruptcy after my car is repossessed? No advanced warning. When we called the cops they werent even aware.

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Yes.
Answer Applies to: California
Replied: 2/5/2011
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
Provided you qualify, you can file for bankruptcy relief at any time, although you may not be able to recover your car after it has be repossessed. Consult with a bankruptcy attorney.
Answer Applies to: Illinois
Replied: 1/8/2011
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
Yes, you can file bankruptcy.
Answer Applies to: South Dakota
Replied: 1/6/2011
Stuart Jon Bierman  Attorney at Law
Stuart Jon Bierman Attorney at Law | Stuart Jon Bierman
Yes, you can file for bankruptcy. Oftentimes there will be a deficiency after the car is sold at auction and the lender will then sue the borrower for the lost money. Also, if you file for bankruptcy right away there is a chance you can regain the car if you have the money and the other circumstances are right.
Answer Applies to: New Jersey
Replied: 1/4/2011
Christopher Legal Group
Christopher Legal Group | Shawn Christopher
Yes, you can file after the repossession.
Answer Applies to: Nevada
Replied: 1/4/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Yes, and you can get your car back if you act before the car is sold at an auction. The bank or loan company will have to bring the vehicle back to where they took it. There is never any advance warning. Otherwise, people would hide the vehicles. The police are not notified until after the car is taken and sometimes never. People who have their cars repossessed usually know what's coming. If you are more than 30 days late on the car payment it could happen at any time although usually not that soon. If you file a Chapter 13 you can pay for the car in a Chapter 13 Plan over a period of up to five years. In most cases you can only pay the value of the car and not the amount owed. You must have bought the car over 30 months before the bankruptcy case is filed or refinanced the car. If you file a Chapter 7 you will have to pay the back payments or the car may be taken again 30 days after the meeting of creditors. Therefore, a Chapter 13 may be the best choice if you want to keep the car, particularly if you have had it for more than 30 months (or refinanced it) and it is worth less than what you owe on it. You must pay interest in the Plan for the car payments but can be as low as 4% in some cases. Also, don't forget that you must maintain collision and comprehensive automobile insurance in case of damage to the car.
    Answer Applies to: California
    Replied: 1/3/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Sure you can, assuming you are eligible. If you are asking whether you can get the car back, that is a complicated question and depends on a number of factors. If you're asking whether you can discharge the debt owed after repossession and sale, the answer is yes.
    Answer Applies to: California
    Replied: 1/3/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Yes, you can file for bankruptcy relief after car was repoed. It will eliminate the debt or deficiency you owe on the vehicle. The police being on notice has nothing to do with the creditor repossessing your car.
    Answer Applies to: California
    Replied: 1/3/2011
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