Q: I recently had a repossession on my car I decided to file bankruptcy to obtain the automatic stay. When I presented th….
I recently had a repossession on my car I decided to file bankruptcy to obtain the automatic stay. When I presented the automatic stay to my creditor they informed me that I would have to get the 13 plan in before they can release my car to me. Is that an accurate statement? How do you fill out the 13 plan?
A:
While the automatic stay prevents the repossession from resulting in a sale of the vehicle, you must complete all the required filings for the purposes of prosecuting your bankruptcy case.
It is best to use counsel experienced in these types of situations to assist in completing the required paperwork for your case.
Good luck in your case.
Timothy Denison agrees with this answer
A:
Under very recent US Supreme Court opinions (thanks Justices Thomas, Alito et al.), a vehicle-secured lender (already under special bankruptcy code protections against modifcation of a finance done within 2 years and 9 months of the bankruptcy filing date), now enjoys a further right to demand "adequate protection" of its lien/collateral as a condition to a Debtor's possession and use. Adequate protection includes, e.g., periodic payments after the filing of the bankruptcy, and also includes the filing of a viable plan of reorganization (early on, the filing of a plan can constitute "adequate protection" of the creditor's lien interest).
You've filed your bankruptcy case and because of that, you most probably have bankruptcy counsel. This issue needs to be presented to counsel for immediate action. If you do not yet have experienced/knowledgeable bankruptcy counsel to represent you, well, then good luck. Many issues arise in a bankruptcy, and the applicable case precedents do sometimes vary from what seems a plain reading of the Bankruptcy statutes.
Timothy Denison agrees with this answer
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