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I was called by the bank telling me that my will be repossessed if I don't make at least on payment. I'm 63 days past due. Can you please advise?
8 ANSWERS
Bankruptcy Attorney serving Atlanta, GA
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Jakob-Barnes Law Firm, LLC
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A Chapter 13 bankruptcy many times allows one to keep a car they are past due on. Consult with an attorney who has experience in Chapter 13 bankruptcies.
Answered on Jun 26th, 2012 at 3:38 PM
Real Estate Attorney serving South Jordan, UT
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James T. Dunn P.C.
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You either work it out with the bank or file BK. A BK will stop the re-possession, at least for a time. Hiding the car will only result in later grief.
Answered on Jun 25th, 2012 at 6:12 PM
You may have several options available to stop the repossession: (1) Pay the outstanding balance, if your finances permit you to do so (always save copies of the check/money orders/etc used for payment, as well as any mailings(certified) and copies of deposits) OR (2) If you need more time and repossession is imminent, then a bankruptcy (Chapter 7) would immediately stop a repossession and permit you a short amount of time to get current/make payments on the auto loan. Or reorganize your debts and pay back past due balance(s) over 36-60 months (Chapter 13).
Answered on Jun 25th, 2012 at 6:06 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Your car secures the underlying loan and if you do not pay it can be repossessed and sold, the proceeds applied to the loan. If there is a shortfall you will still owe the balance. Generally, in secured transactions you keep the asset from being repossessed by making the payments. Sorry, there is generally no magic.
Answered on Jun 25th, 2012 at 6:00 PM
The only guaranteed way to stop repossession is to make the payments. If you can't afford the payments you can ask for a new payment plan or try to refinance the loan with another lender. However, these solutions would require the lender's consent. So, they are not guaranteed.
Answered on Jun 25th, 2012 at 5:53 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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The easiest and best way to keep your car from being repossessed is to make a payment. All other ways will most likely cost you more than your car payment. Including filing bankruptcy.. Otherwise if they can find it they have a right to repossess.
Answered on Jun 25th, 2012 at 5:49 PM
Business Formation Attorney serving Westland, MI
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Clos, Russell & Wirth, P.C.
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There is very little you can do at this point. The best suggestion is to call the bank and attempt to work out some payment arrangement. If not tell the bank you will voluntarily turn the vehicle over to them.
Answered on Jun 25th, 2012 at 5:49 PM
A bankruptcy filing will stop any repossession pursuant to the automatic stay, and injunction against all of your creditors. However, filing bankruptcy has far-reaching consequences, and sometimes it is not worth filing simply to save a vehicle. You should speak with a bankruptcy attorney to see what implications would arise if you filed.
Answered on Jun 25th, 2012 at 5:49 PM