QUESTION
Can I file for bankruptcy so my car won't be repossessed and where do I begin?
Asked on Jul 22nd, 2014 on Bankruptcy - Michigan
15 ANSWERS
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.
Answered on Jul 30th, 2014 at 6:41 PM
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.
Answered on Jul 28th, 2014 at 7:29 PM
William M 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.
Answered on Jul 28th, 2014 at 3:24 AM
It is possible to prevent a repossession through bankruptcy. I suggest hiring a local attorney to file your petition.
Answered on Jul 25th, 2014 at 5:01 PM
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.
Answered on Jul 24th, 2014 at 10:09 AM
2 Awards
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.
Answered on Jul 24th, 2014 at 4:03 AM
Bankruptcy & Debt Attorney serving St. Augustine, FL
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St. Johns Law Group
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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.
Answered on Jul 24th, 2014 at 4:03 AM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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The Law Offices of Peter M. Lively
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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.
Answered on Jul 24th, 2014 at 4:03 AM
Yes, you can. Speak to an attorney.
Answered on Jul 24th, 2014 at 4:02 AM
Family Law Attorney serving Indianapolis, IN
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Arany & Associates
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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!
Answered on Jul 24th, 2014 at 3:56 AM
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.
Answered on Jul 24th, 2014 at 3:53 AM
Deborah F. 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.
Answered on Jul 24th, 2014 at 3:53 AM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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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.
Answered on Jul 24th, 2014 at 3:52 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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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.
Answered on Jul 24th, 2014 at 3:48 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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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.
Answered on Jul 24th, 2014 at 3:48 AM