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

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

Asked on September 19, 2011 under Bankruptcy Law, Colorado

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

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

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

 

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

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

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

 


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