What can I do if my car is about to be repossessed and I want to file bankruptcy is this a good idea? 25 Answers as of October 09, 2013

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Stephens Gourley & Bywater | David A. Stephens
Filing bankruptcy will temporarily stay the bank from repossessing your car, but unless you have the ability to make payments, the stay will be lifted and the bank will be able to repossess your car even though you filed bankruptcy.
Answer Applies to: Nevada
Replied: 10/9/2013
Idaho Bankruptcy Law | Paul Ross
Chapter 7 will not help you keep your car. A Chapter 13 will, but you will have to be able to show that you can afford the plan payments. Whether it is a good idea or not depends on many more facts than what is provided in the question.
Answer Applies to: Idaho
Replied: 10/8/2013
Law Office of Andrew Harris
Law Office of Andrew Harris | Andrew Harris
Filing Bankruptcy is only a good idea, if it's the right thing for you to do financially. In order to determine if filing bankruptcy is right for you, an appointment with a bankruptcy attorney is needed.
Answer Applies to: Oregon
Replied: 10/8/2013
Paul Stuber, Attorney at Law
Paul Stuber, Attorney at Law | Paul Stuber
It will only buy you a little time, if you file a chapter 7. If you want to keep the car you have to work out the payments on the car. If it is repossessed you will have to pay their costs as well.
Answer Applies to: Colorado
Replied: 10/8/2013
Goldsmith & Guymon
Goldsmith & Guymon | Marjorie Guymon
If you want to keep your car you can file bankruptcy and cure the arrears through a Chapter 13. If you do not want to keep your car then you can file a Chapter 7 and discharge your deficiency if any.
Answer Applies to: Nevada
Replied: 10/7/2013
    Law Offices of A. J. Mitchell, LLC
    Law Offices of A. J. Mitchell, LLC | A. J. Mitchell
    A bankruptcy filing may prevent your car from being repossessed or, in some cases, require a creditor to return your car if it has already been repossessed.
    Answer Applies to: Georgia
    Replied: 10/8/2013
    Law Offices of Linda Rose Fessler | Linda Fessler
    I really do not have enough facts to say whether or not bankruptcy is a good idea. However, the bankruptcy will temporarily stop the repossession; but if you do not reaffirm the debt the car will eventually be repossessed. But, if the car is repossessed, the bankruptcy at least will prevent your having to pay the balance owing on the car.
    Answer Applies to: California
    Replied: 10/7/2013
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    A ch13 will allow you to get caught up on the car payments. You should see an experienced lawyer about this.
    Answer Applies to: California
    Replied: 10/7/2013
    Law Offices of David A. Tilem | Michael Avanesian
    Maybe, it depends on many things. Usually it's a good idea.
    Answer Applies to: California
    Replied: 10/7/2013
    Stuart P Gelberg
    Stuart P Gelberg | Stuart P Gelberg
    Bkry will at least delay the repo. You can keep the car if you can pay for it. You can pay over years in a chapter 13 or just gain a few weeks to become current in a chapter 7. How much equity do you have in the car? More than $4000 could be an issue.
    Answer Applies to: New York
    Replied: 10/7/2013
    Rhymer Law Firm
    Rhymer Law Firm | William Rhymer
    Generally, a Chapter 13 will stop the repossession action and give you a chance to pay for the car under the case plan. I would suggest that you meet with a bankruptcy attorney a soon as possible. If you can get a case filed before they repossess the car, you will not have to suffer the inconvenience of being without it while you are waiting on a court hearing and hoping the judge will let you have it back.
    Answer Applies to: Georgia
    Replied: 10/7/2013
    Law Office of J. Thomas Black, P.C.
    Law Office of J. Thomas Black, P.C. | J. Thomas Black
    It can be. If you qualify for chapter 13 and you want to keep the car, chapter 13 can stop the repossession and allow you to pay off the car (or even just the value in certain circumstances) and keep the car. Otherwise there is often a "deficiency" after the sale of repossessed cars, for which you could be sued. If you have other debt problems, and you qualify, you may want to file chapter 7 bankruptcy to discharge or cancel all of your dischargeable debts.
    Answer Applies to: Texas
    Replied: 10/7/2013
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    Look at chapter 13 if you want to keep the car.
    Answer Applies to: South Carolina
    Replied: 10/7/2013
    Gottlieb & Goren, P.C.
    Gottlieb & Goren, P.C. | Aaron W. Goren
    You need to consult a bankruptcy attorney. A consideration is whether the car is worth the balance owing.
    Answer Applies to: Michigan
    Replied: 10/7/2013
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    The devil is in the details. How much other debt do you have? How come you haven't been able to make your car payment? How much time do you need to bring your car payment current again? After paying your necessary living expenses, how much money do you have left that you could use to pay bills. Not everyone is eligible to file bankruptcy. You must show that you qualify to file
    Answer Applies to: Nevada
    Replied: 10/7/2013
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    You should sit down with a lawyer to discuss your options.
    Answer Applies to: Colorado
    Replied: 10/7/2013
    Elkington Law
    Elkington Law | Sally Elkington
    If you file a chapter 13 bankruptcy, you can save your car. But in a 13, you enter into a reorganization of that car debt and it gets paid back through a plan that gets approved by the bankruptcy court. Of you file a Chapter 7, you will lose the car, but the debt will go away as well. As to whether it is a good idea to file bankruptcy, that depends on many, many other factors that you should speak to an experienced bankruptcy attorney about.
    Answer Applies to: California
    Replied: 10/7/2013
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    It will stop the repo and if you want to keep you must file a ch 13.
    Answer Applies to: Florida
    Replied: 10/7/2013
    Law Offices of Daniel J Winter
    Law Offices of Daniel J Winter | Daniel J Winter
    Yes, you can file bankruptcy. If you want to keep your car, the bankruptcy will stop the repossession. However, you need to consult with a bankruptcy attorney to discuss your options, and how you can devise a Chapter 13 plan to make payments to allow you to keep the car. You should not try this yourself. You should discuss your whole financial situation to come up with the best solution for you, and then you can decide whether bankruptcy is the best solution, and which type of bankruptcy is best. You should act right away to prevent repossession.
    Answer Applies to: Illinois
    Replied: 10/7/2013
    Mary Saur Cohn PLLC | Mary Saur Cohn
    Filing bankruptcy will stop the repossession from happening. However, if you file a Chapter 7 bankruptcy, you may or may not be able to keep your vehicle. You would probably have to bring the payments current fairly soon after filing the case and would have to reaffirm (agree to repay) the debt. You can always surrender the vehicle and would not have to pay a deficiency in a Chapter 7. A Chapter 13 may be your better option if your goal is to keep the vehicle. You can probably lower the interest rate on the loan and pay less per month. Depending on how long you have had this loan, you may be able to repay just the value of the vehicle (which is called a "cram down").
    Answer Applies to: Michigan
    Replied: 10/7/2013
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    File before the repossession and it should stop same.
    Answer Applies to: New Jersey
    Replied: 10/7/2013
    The Troglin Firm | William M. Troglin
    If you are trying to keep the car you would need to file Chapter 13 but you must be able to qualify. If you qualify to file a Chapter 7 (fresh start) you will lose the car because the loan would have to be current before the creditor would allow you to reaffirm the debt.
    Answer Applies to: Georgia
    Replied: 10/7/2013
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    If you file a Ch 7 and are going to be able to catch the payment up, it would buy you a few days-weeks to catch-up. If you want to keep the car but need time to catch up the payments, you would file a Ch 13. If you can't afford to keep the car, then you file the bankruptcy so that they can't go after you and get a garnishment for any deficiency when they auction the car off.
    Answer Applies to: Michigan
    Replied: 10/7/2013
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Then your car can not be repossessed but you would have to either sign a reaffirmation agreement and make payments or they will repo after the bankruptcy is over.
    Answer Applies to: New York
    Replied: 10/7/2013
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    Chapter 13 bankruptcy can prevent repossession and provide a way for your to keep you car. It can be expensive if that is your only objective. The only way to know whether this is a good idea for you is to sit down and review your entire financial situation with a qualified bankruptcy attorney.
    Answer Applies to: Wisconsin
    Replied: 10/7/2013
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