Hi guys. I filed for bankruptcy about five months ago and now i've just come to the conclusion that I can't pay for my car anymore as I can no longer afford it. Could I basically call for it to be repossessed this far along after bankruptcy or am I still liable? Thx in advance.
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Debt liability is a question.
Did you include the loan in the BK? Was the loan discharged in the BK? Did you sign and/or revoke a reaffirmation agreement with the auto loan Lender?
Need to know those answers to figure out if you'll be liable for a deficit balance.
As to Repo'ing,......... If you plan to give the car back, it's best to call and make arrangements with the Lender. Many times, Lenders have you turn in the car and the keys at a local Dealership. If you do that, be sure to get a signed receipt for the car. Always CYA with a paper trail that they indeed got the car, and who took possession of it, on behalf of what dealership/business.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
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