If a stay was lifted on Chapter 7 Bankruptcy what, if anything, do I need to do now?

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If a stay was lifted on Chapter 7 Bankruptcy what, if anything, do I need to do now?

I filed for Chapter 7 Bankruptcy in 02/10. On 06/30/10, the stay was lifted so that the car finance company can pursue repossession of my ex-wife’s car. What do I need to do now to expedite the process? Or do I just wait it out? My case is still awaiting discharge.

Asked on September 2, 2010 under Bankruptcy Law, Nevada

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Repossession is something you might be able to help along.  If this is your ex-wife's vehicle but you alone are on the title and you alone are on the loan, then consider a voluntary repossession in exchange for not being held liable for any deficiency amount on the vehicle when and if it sells at auction. 

The stay has been lifted, which essentially means the lender can not only sue for the monies but also repossess.  Have you considered reaffirming the debt if you wish to keep the car? If your ex-wife wishes to keep the vehicle and it is indeed in her name and not yours and she is not on the financing, you may wish to speak with her about having her purchase the vehicle and have those monies pay off your motor vehicle loan.


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