What is an adequate protection order? 18 Answers as of February 25, 2014

I filed chapter 7, car lender file motion to lift automatic stay. What are my options?

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Law Offices of Linda Rose Fessler | Linda Fessler
You can reaffirm the debt or let them have the car.
Answer Applies to: California
Replied: 2/25/2014
Stephens Gourley & Bywater | David A. Stephens
Respond to the motion offering a payment to the car company.
Answer Applies to: Nevada
Replied: 2/25/2014
Joseph Lehn, Esq
Joseph Lehn, Esq | Lehn Law, PA
If your intention is to surrender the vehicle, there is no need to respond to the Motion. The Judge will sign an Order and the creditor will take possession of the vehicle, but will not have any recourse against you personally for the debt. If you wanted to keep your vehicle, are you current on payments? You must be current on payments to all secured items you wish to keep when filing a Chapter 7. Contact your attorney immediately. If you filed pro se, call the attorney who filed the Motion and perhaps you can reach an agreement for payment to bring the account current and you can keep the vehicle.
Answer Applies to: Florida
Replied: 2/24/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Your best one is to convert to ch13 to give you time to catch up. Adequate protection is generally a deal between you and the lender giving you a short period of time to catch up.
Answer Applies to: California
Replied: 2/24/2014
Stuart P Gelberg
Stuart P Gelberg | Stuart P Gelberg
A secured lender is entitled to monthly payments. If you can't pay for the car you can't keep it.
Answer Applies to: New York
Replied: 2/24/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Pay them or fight it if there is a discrepancy on their filed documents. Otherwise you can convert to a chapter 13 and make payments on your arrears.
    Answer Applies to: New York
    Replied: 2/24/2014
    Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
    Talk to your attorney the person who filed your case knows the facts and can best advise you.
    Answer Applies to: Arkansas
    Replied: 2/24/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    That the trustee has to set the money aside to pay the car payments every month rather than paying something else first.
    Answer Applies to: Michigan
    Replied: 2/24/2014
    Barr, Jones & Associates LLP
    Barr, Jones & Associates LLP | Andrew Brasse
    You should contact your car loan provider to get the loan in order. They likely filed for the motion to lift the stay because you were behind on the payments.
    Answer Applies to: Ohio
    Replied: 2/24/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    If the lender filed a motion to lift the stay it sounds as though your loan payments are not current. The lender has the right to request permission from the court to pursue their remedies to protect their collateral if payments are not being made. First, you have only a short time in which to file a response to the motion. But beyond that, there really is no defense to such a motion unless you are able and prepared to come up with the funds to bring your loan payments current. If you have a lawyer you should contact him or her immediately.
    Answer Applies to: Colorado
    Replied: 2/24/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    You can surrender the car or make the payments.
    Answer Applies to: California
    Replied: 2/24/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    If the lender filed motion for relief it is usually if you haven't been making payments and the creditor wants to repossess the vehicle. With regard to vehicle loans you must reaffirm, redeem, or surrender the vehicle. You (or your attorney) needs to contact the creditor to work on possible solutions to keep the vehicle. Adequate protection means that the creditor needs to be receiving payments while you are in an active bankruptcy. In the context of Chapter 7, creditors will assert adequate protection claims when the debtor has possession of the collateral and has stopped making payments.
    Answer Applies to: Indiana
    Replied: 2/24/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    You must be behind on the car. You need to get current. An adequate protection order is something you can negotiate with the lender's attorney asking for time to pay the arrears over a certain number of months, normally 6, and if you miss a payment then the stay lifts and you lose your car.
    Answer Applies to: Nevada
    Replied: 2/24/2014
    Law Office of Shawn N. Wright | Shawn N. Wright
    You're most likely behind on your car payments. Get caught up on your payments and you'll be in a much better position. The lenders don't file motions to lift automatic stay unless you're in default. Car lenders are usually more sensitive to loan defaults because invariably cars depreciate so much that the owners don't have any equity in the vehicles due to all the depreciation. So, do what you can to catch up on your loan.
    Answer Applies to: Pennsylvania
    Replied: 2/24/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    An adequate protection order is usually based on an agreement with a secured creditor to accommodate the debtor by allowing him/her to make "catch up" payments on a secured debt. So if you are two months behind, the lender might agree to let you make double payments for two months to prevent the lifting of the bankruptcy stay. Of course, these agreements always come with strings attached.
    Answer Applies to: Nevada
    Replied: 2/24/2014
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    Oppose it, agree to it or enter into an arrangement with the lender to keep paying and retain the car.
    Answer Applies to: Massachusetts
    Replied: 2/24/2014
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Probably to catch up your payments which was the probable reason for the lift of stay.
    Answer Applies to: Michigan
    Replied: 2/24/2014
    Danville Law Group | Scott Jordan
    Are you behind on your payments for your car? If you are, why did you file Chapter 7 bankruptcy and not Chapter 13? Is it your intent to try and keep the car? An adequate protection order is one in which the judge orders you to make your monthly payments and pay any arrearage and if you don't, the automatic stay will be lifted and the car can be repossessed.
    Answer Applies to: California
    Replied: 2/24/2014
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