If my car was repossessed yesterday, which Chapter of bankruptcy will get my car returned to me the fastest?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If my car was repossessed yesterday, which Chapter of bankruptcy will get my car returned to me the fastest?

A 7 or a 13?

Asked on March 31, 2014 under Bankruptcy Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It doesn't matter: in regards to a secured loan, such as your car loan (that is, a loan were property acts as security for the loan), either type of bankruptcy will return your car IF you reaffirm the loan: that is, work out an agreement with the lender to keep paying it. If you do not reaffirm the loan, then even though you filed bankruptcy, they will be able to take the car--though they will not after that be able to sue you for any remaining balance due (that is, any amount or portion of the loan exceeding the then-current value of the car).


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption