Can I file for bankruptcy so my car won't be repossessed and where do I begin? 20 Answers as of July 30, 2014

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A Fresh Start
A Fresh Start | Dorothy G Bunce
You can file a bankruptcy to prevent a car from being repoed, but that probably isn't a very good idea. The protection you get will only last a few months & it is not like bankruptcy will get you a free car. You will still have to pay the entire loan to keep the car, absent some rare exceptions that might let you pay just the value of the vehicle in full.
Answer Applies to: Nevada
Replied: 7/30/2014
Rhymer Law Firm
Rhymer Law Firm | William Rhymer
Yes. You would need to file a Chapter 13 to save the car. I would suggest you talk with an experienced bankruptcy before the car is repossessed.
Answer Applies to: Georgia
Replied: 7/28/2014
Law Office of William Stoddard | William Stoddard
Yes, but this is only a delay tactic. If you cannot bring it current within say 45 days of filing a 7, forget it. You can file a 13, but then you have to keep the current payment going and pay some percentage, say 15% on the arreage you are behind.
Answer Applies to: Washington
Replied: 7/28/2014
John Ceci PLLC
John Ceci PLLC | John Ceci
It is possible to prevent a repossession through bankruptcy. I suggest hiring a local attorney to file your petition.
Answer Applies to: Michigan
Replied: 7/25/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You probably want to go see a local attorney who can go over your specific case in more detail. You can file either a Chapter 7 bankruptcy which will prevent a repossession and will prevent you from having any further liability for the car debt, but it does not stop the bank from a repo after the bankruptcy is over in about 90 days. A Chapter 13 can also be done to work out a repayment plan for the back payments. Also, you may want to check with the attorney that you decide to sit with and see if your case may allow you to do what is called a cramdown and lower the principal balance of your car loan.
Answer Applies to: New York
Replied: 7/25/2014
    Barnhart Law Office
    Barnhart Law Office | Bruce C Barnhart
    A bankruptcy can be prepared fairly quickly, usually a day or two. You can use a Chapter 13 bankruptcy to restructure your car loan and keep your car.
    Answer Applies to: Nebraska
    Replied: 7/24/2014
    Idaho Bankruptcy Law | Paul Ross
    Yes, you can save your car in a bankruptcy. Unfortunately, it would likely have to be in a Chapter 13. Budgets would have to show you can afford the car, but at least you could extend the loan and the interest rate, and maybe even cut the value of the loan. Visit with an attorney to see if Ch 13 can help you resolve your car concerns.
    Answer Applies to: Idaho
    Replied: 7/24/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    It might delay the repossession, but if the car secures the financing of it you will have to pay our lose the car in the long run.
    Answer Applies to: Michigan
    Replied: 7/24/2014
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    Yes look into chapter 13.
    Answer Applies to: South Carolina
    Replied: 7/24/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    If you really hope to save your car you will need a lawyer to help you. If you file a chapter 7 case it will give you temporary protection, but unless you can catch up the payments quickly it will not help in the long term. A chapter 13 case would allow you to take a longer time to catch up the payments or, depending upon how long ago you bought it, you might be able to pay the value of the car rather than the loan balance if it is upside down. A chapter 13 is not something to attempt without an experienced lawyer - they are complicated and difficult.
    Answer Applies to: Colorado
    Replied: 7/24/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    As a secured asset, your car will not be protected in bankruptcy if you don't make the payments. You can modify the loan to actual value in a Chapter 13 and bankruptcy will also protect you personally from a lack of equity in the car to repay the loan.
    Answer Applies to: California
    Replied: 7/24/2014
    Novakov & Associates, PLLC
    Novakov & Associates, PLLC | LINDA S. NOVAKOV
    Gather proof of income (paystubs); all your debt - names, amounts, account numbers, mailing addresses for the Creditor, 6 months of bank statements and 2 years of tax returns. Hire a competent attorney to review you situation and if you qualify, filing puts an Automatic Stay into effect. Creditors must obtain relief from the Court to continue with any collection or repossession efforts.
    Answer Applies to: Kentucky
    Replied: 7/24/2014
    A Ch 13 Bankruptcy will allow you to pay for the vehicle through the plan that you make which will require monthly payment for 3 to 5 years. There is an automatic stay to prevent creditors from doing anything during the life of the bankruptcy. After the last plan payment is made you will receive a discharge and assuming that you paid for the vehicle through the plan all of the car payments will have been paid and you will get a release from the creditor holding the secured interest on the vehicle. You should start by calling a bankruptcy attorney.
    Answer Applies to: Minnesota
    Replied: 7/24/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Welllll.... yes you can do that. You can see a lawyer or try to do it yourself. The forms are on your local court web site. If you use a petition preparer all they can do is type them up. They can not give you legal advice. They can not practice law without a license.
    Answer Applies to: California
    Replied: 7/24/2014
    Arany & Associates
    Arany & Associates | Lawrence C. Arany
    Yes, generally, assuming you haven't been "in" bankruptcy already recently and have not been "barred" by a bankruptcy court order from filing another bankruptcy, you can file for bankruptcy relief in order to stop a car from being repossessed. Free Country! How to go about it? You'll usually need a down payment on the attorney's bankruptcy fee in order to have an appointment with an attorney. To file your case, you'll also need to have completed a course in "consumer credit counseling," which is very cheap - less than $20 per person, typically. Start calling bankruptcy attorneys' offices until you find one you feel comfortable about. Ask for a fee quote for a "chapter 7" and one for a "chapter 13" and ask the attorney's office to explain the difference. Good luck!
    Answer Applies to: Indiana
    Replied: 7/24/2014
    Law Office of Peter M. Lively
    Law Office of Peter M. Lively | Peter M. Lively
    Yes, a bankruptcy petition will stay a vehicle repossession. Whether you elect Chapter 13 or 7 depends upon your facts and circumstances. You should consult with a bankruptcy attorney to help you decide what your best option is.
    Answer Applies to: California
    Replied: 7/24/2014
    Emery, Kast & Walker, PLLC
    Emery, Kast & Walker, PLLC | Felecia Leann Walker
    The best way is to hire an attorney to represent you! The majority of law firms offer free consultations. I do as well. Act quickly because once your car is repossessed, filing bankruptcy won't help.
    Answer Applies to: Florida
    Replied: 7/24/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    Start by going to see an experienced bankruptcy attorney to see what the best options for you are so as to prevent your car from getting repossessed. Good luck!
    Answer Applies to: Michigan
    Replied: 7/24/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Yes, but bit must be a chapter 13 so you can cure arrears and you must be eligible to file such a no. I suggest you meet with a qualified attorney to direct you.
    Answer Applies to: Nevada
    Replied: 7/24/2014
    Tidewater Law Group PLLC | Seth Schoenfeld
    Yes, you can. Speak to an attorney.
    Answer Applies to: Virginia
    Replied: 7/24/2014
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