Q: My truck was repossessed, I’m thinking of filing bankruptcy, can I get it back?
A: You can get it back if you pay the par due amounts owed on it. You probably should do this prior to filing bankruptcy as the filing will not cause the truck to be returned to you.
A: It depends on when your truck was repossessed. Typically, lenders are required to hold a vehicle after repossession in Texas for 10 days after it was repossessed. You can file Chapter 13 Bankruptcy within that 10 days and demand your truck back, but will have to have proof of insurance on the truck. Make sure to contact an experienced bankruptcy attorney in your area quickly.
A: If you qualify for chapter 13, and you file before the vehicle is sold, then yes you should be able to get the vehicle returned to you. Your chapter 13 plan would need to provide for payment of the vehicle plus some interest, over a 3 to 5 year period. If you want to try to save the vehicle, you should consult with an experienced bankruptcy attorney in your area immediately. Once the vehicle is sold, which could be as little as ten days after repossession, it is too late.
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