Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Help needed Urgent , my car repossessed.

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  • Help needed Urgent , my car repossessed.

    Hi I received this 5 Years ago:. Assets Abandoned (without deducting any secured claims): $5810.00 , Assets Exempt not available claims scheduled : $40098.06, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $40098.06. My car was named under property claimed as exempt (part of $5810.00),also car was listed under creditors holding secured claims.My case was closed 5 years ago with wording above, and now my car was repossessed, what can I do?

  • #2
    Sounds like you got five years of free use of the lender's vehicle. Unfortunately, if you did not pay the lender, the lender had the absolute right to take possession of its collateral. It's gone unless you work out some arrangement with the lender to get it back - probably paying what is due if the lender will accept it at this point. On the up side, if you did not officially reaffirm the debt, you discharge the underlying loan so the lender cannot sue you for the deficiency.



    • #3
      The numbers included in the Trustee's Report are really informational and for statistical purposes.

      I do not understand what you are asking so you will need to be very specific about your question. If your car was repossessed, then it was repossessed for non-payment. Even if you "exempt" a car in bankruptcy -- which you would only exempt equity in the vehicle, not the vehicle itself -- that does not protect any secured creditor with a consensual lien. When you signed loan documents for a vehicle, you pledge the vehicle as collateral; bankruptcy does not change that fact. Bankruptcy only removes your personal obligation to pay the car loan and does not protect the car from repossession should you not continue to pay what you owed (despite being personally not liable for payment).

      So please explain the following;

      1. did you make all payments due under the loan for the vehicle?
      2. was the vehicle paid off and your received title to the vehicle?
      3. did you stop making payments on the vehicle?
      4. are you assuming that "included in bankruptcy" means that you don't have to pay in order to keep the vehicle?

      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • #4
        Assuming you didn't pay off the car loan, the repossession is appropriate. The trustee abandoned the assets, because there was no equity available for the trustee to access on behalf of the unsecured creditors. Exemptions cover your equity in assets. Neither the trustee's abandonment of assets nor your exemptions affects the lenders security interest in the car. Even though your personal liability to pay on the car loan may have been discharged, the creditor still has a right to repossess the car if the loan is not paid as agreed. The only exception I can think of would be if the lien was voided in the bankruptcy which would be unusual for a properly perfected car loan.

        What you can do now depends on your state's laws regarding your right to redeem. Your profile says you are in California. Here is info I found in a Google search: You will find more information if you do a search.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


        • #5
          Thank you very much for your help.


          • #6
            makasik74 please refrain from multiple posts of the same topic to different areas. There were two other responses in another topic that you created with the same information.

            I moved the other responses to this thread and closed the other thread.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


            • #7
              I meant to say that I don't know how or if the bankruptcy affects your rights to redeem the car that are described in the link I provided above. I do know that if you do not redeem the car, the lender cannot sue you for any deficiency since you did not reaffirm the loan.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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