How long after the 341 hearing do I have before I have to surrender my vehicle?

Asked 9/20/2011 under Bankruptcy | 131 View(s) | More Legal Topics

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Bankruptcy Law Answers

Mark J. Markus / Mark J. Markus, Law Offices of Answered 8 months ago | Contributor This attorney is licensed in California

If you listed on the Statement of Intentions that you are going to surrender your vehicle, you are technically, pursuant to 11 U.S.C. 521(a)(2)(B), supposed to do so within 30 days after the first date set for your meeting of creditors (341a meeting). However, I don't think there are any consequences for failing to do so, unless the Trustees and courts in your jurisdiction have a specific protocol for dealing with that.

Typically what happens is that after 45 days the automatic stay terminates as to the vehicle (assuming you do not reaffirm or redeem the vehicle prior to then) and the creditor has the right to repossess notwithstanding the bankruptcy filing.

Mark J. Markus, Attorney at Law

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