Do I still need to pay my outstanding debt on a vehicle that has already been repossessed? 35 Answers as of January 19, 2012

Since the creditor has already taken back the car, this would be unsecured debt.

First, whether it is secured or unsecured is different from money being owed. If it was repossessed, the car likely was sold for less than what was owed and that difference is still owed. You can file bankruptcy to discharge the balance which is still owed, and it would be listed on Schedule F as an unsecured dent as there is no longer any car to secure the balance left due.

It is considered an unsecured debt unless the creditor sued you, a judgement was entered and a lien filed. If no judgment/ lien was filed, you will list it on schedule F. It stopped being secured once the car was repossessed and sold.

The remaining deficiency balance would be listed in schedule f as unsecured debt.

It would be listed as a debt that was repossessed and the remainder is unsecured.

Yes, you have to pay the deficiency from the repossession. In a Chapter 7, you would simply list the creditor who financed the car. If that doesn't make sense, then you need to hire an attorney to make sure your bankruptcy is handled correctly.

Unsecured. If you are filing a bankruptcy case, stop paying on it.

It was a secured note; until they repossessed it. They took the car, sold it and applied the sales price to the note. The amount of money still left over after applying the sales proceeds is the deficiency and yes, you are still liable for this debt. If you file a Chapter 7, this debt would be unsecured and you could discharge it.

A secured debt, by definition, means that if you don't pay, the creditor has the right, as security for the loan, to take it back. Once it is taken back and sold, any remaining balance is no longer secured since there is no more asset as security, unless the security agreement gives the lender the right to go after other assets. An unsecured debt is one based on trust, rather than retaining any rights in the asset. Repossession usually does not extinguish the obligation to pay. The debt is still valid and can be sued upon, unless a bankruptcy is filed. After repossession, if no other security was listed in the agreement, the balance on the debt would usually be listed as unsecured in a bankruptcy petition.

The creditor must be listed because they are due the difference between what is contractually owed to them minus the net proceeds of the auction / sale of the vehicle. It is an unsecured debt.

The remainder of the debt is unsecured.

Once a repossessed vehicle is soldthe deficiency is owed as an unsecured debt. In a chapter 7 the debt would be listed on schedule F of the petition. This is the kind of debt that can be discharged.

You still owe the balance. In most Chapter 7's it can be discharged so long as you don't screw up the case. Your post indicates that you are about to screw up, as it tells me you plan to file pro se. Do not. I repeat that. Do not. Having a lawyer will make sure things are done right. It is money you cannot afford not to spend.

After the collateral is sold, the remaining balance is unsecured debt.

You still owe on any deficiency. It is dischargeable in bankruptcy.

The debt would be unsecured debt and the creditor would be listed on schedule F.

The deficiency debt following repossession is unsecured debt. It is no longer secured by your property.

You would list it as unsecured.

This debt would be listed on Schedule F of unsecured debts. Though the loan was originally secured, since the vehicle was repossessed, it is now an unsecured debt.

If the car has already been repossessed then it is an unsecured debt that can be discharged in your chapter 7 bankruptcy. You can stop making payments on this debt.

If you don't have the car, it would be considered an unsecured debt. You can list it in your bankruptcy as an unsecured debt and you would not owe money on the car.

It is unsecured now and you do not have to pay it if you are filing bankruptcy and can obtain a discharge.

It would be listed as an unsecured debt.

If your car has already been repossessed, the remaining balance is an unsecured debt and 100% dischargeable.

It is unsecured, list it on schedule F.