Petaluma, CA asked in Bankruptcy for California

Q: Can an emergency chapter 7 protect my car from repossession. I’m late on a payment with another looming. How fast can ac

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4 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes. Can usually be fined within 2-3 days.

Harlene Miller
Harlene Miller
Answered
  • Bankruptcy Lawyer
  • Irvine, CA
  • Licensed in California

A: Yes, filing a bankruptcy would stop repossession. However, depending upon what type of bankruptcy is filed, it may not be a permanent fix. If you file Chapter 7 and can't afford to cure the payments or continue the payments, the lender can seek relief from the Court to proceed with repossession. If you file a Chapter 13 which is a repayment arrangement to your creditors, you may be able to cure the late payments throught the case, and keep the car so long as you can continued to make the payments. I urge you to seek advise from a bankruptcy attorney as soon as possible to consider your options.

Theodore Allan Greene
Theodore Allan Greene
Answered
  • Bankruptcy Lawyer
  • Sacramento, CA
  • Licensed in California

A: It can buy you a little time but doesn't solve the problem. You still need to make your payments and be able to continue making them on time. You should sit down with a bankruptcy attorney immediately to discuss your options.

Kevin M Rogers
Kevin M Rogers
Answered
  • Bankruptcy Lawyer
  • Boise, ID

A: Yes but since your car depreciates so quickly it’s difficult for the judge or trustee to believe that their car is “necessary for your reorganization.” Consequently, although an emergency filing will “temporarily” halt the creditor from repossessing it, just as quick as the creditor can get his “Motion to Lift Stay,” he’ll have it back on his lot. Better clean it out right now.!

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