Will filing prevent auto repossession or judgement for balance owed after resale of vehicle? 9 Answers as of September 18, 2017

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Typically yes.
Answer Applies to: Colorado
Replied: 9/18/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Eventually the lien hold will get possession. A bankruptcy will slow them down some. It will wipe out any deficiency balance.
Answer Applies to: California
Replied: 9/16/2017
Stephens Gourley & Bywater | David A. Stephens
Filing will delay the repossession, but not stop it, unless you start making payments. If you get a discharge it will prevent the bank from seeking a deficiency judgment against you.
Answer Applies to: Nevada
Replied: 9/16/2017
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Yes, but filing creates the Automatic Stay of nearly all collections against you or your property. But the creditor on the car can move for Relief from the Automatic Stay (unless you work something out with it about payments)-or it can wait until the case is over, the deficiency discharged, and then repossess the car.
Answer Applies to: Wisconsin
Replied: 9/16/2017
Patrick W. Currin, Attorney at Law | Patrick Currin
Unless you pay you cannot keep the car. Any debt not settled by the repo will be discharged.
Answer Applies to: California
Replied: 9/15/2017
    Law Office of Kimberly Fives | Kimberly Fives
    Filing chapter 7 will not prevent auto repossession ultimately. Your vehicle loan is secured by the vehicle itself. Lender has the right to repossess. After repossession you should not have liability for any deficiency in value to loan.
    Answer Applies to: California
    Replied: 9/15/2017
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    While it will stop it temporarily, a Motion to Vacate Stay can and would be filed and they would be able to seize the vehicle shortly after filing.
    Answer Applies to: New Jersey
    Replied: 9/15/2017
    Law Office of J. Thomas Black, P.C.
    Law Office of J. Thomas Black, P.C. | J. Thomas Black
    If you qualify to file a bankruptcy, yes it is possible that you could stop an auto repossession and use a chapter 13 plan to repay the auto finance company, and keep the auto. But you would have to have enough "regular" income to pay your living expenses and fund a plan. Alternatively, if you qualify for chapter 7 (which you probably would since you are unemployed), you could surrender the auto and discharge or cancel your liability for any deficiency balance owed after the finance company repossesses and sells the auto.
    Answer Applies to: Texas
    Replied: 9/15/2017
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Yes, but that is the temperature solution.
    Answer Applies to: New York
    Replied: 9/15/2017
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