Q: Is it possible to file an emergency chapter 7 through an attorney to protect my car from repossession.
I am late on a payment with another payment due in mere days and I’m really concerned.
It is possible to file an emergency bankruptcy petition and obtain an automatic stay pursuant to Bankruptcy Code Section 362 which is applicable to vehicle lenders and would be violated if repossession subsequently occurred.
However, a Chapter 7 petition alone isn't necessarily going to accomplish your presumed goal of retaining possession of your vehicle for the indefinite future.
You should consult with an experienced bankruptcy attorney to review all of your financial facts and circumstances and discuss your goals and options.
A: A skeletal chapter 7 bankruptcy filing will trigger the automatic stay provided by 11 USC 362 and temporarily protect your vehicle from repossession, but the protection will be brief as you are behind on a secured debt. If your goal is to keep the vehicle chapter 13 bankruptcy may be a better solution. You should contact a local bankruptcy attorney to discuss your options under chapters 7 & 13.
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