This may further reduce your car payment. Also, in many cases, if the value of the car is less than the amount you owe on the car, the secured portion (the amount you pay interest on) of the car can be put in at value, rather than the total amount of the claim. In addition, if you have less than 60 months remaining to pay off your car, your loan payments can be lowered by spreading the remaining loan payments out over the 60 month length of your Chapter 13 bankruptcy plan. Usually, the interest rate being charged can be reduced, often substantially reduced, thus lowering your payment. You can likely lower your monthly car payment to the finance company (or car lot) after filing a Chapter 13 bankruptcy. What happens when I put my repossessed (repoed) car under bankruptcy? If the finance company is not willing to return your car, we will file a proceeding in the Bankruptcy Court to have the finance company (or car lot) ordered to return your car to you. After notification, most finance companies (or car lots) will quickly return the car to you. Once your Chapter 13 bankruptcy petition has been filed, Arthur Ray Law Offices will notify the finance company (or car lot) and request they return your car to you. How to get a repossessed (repoed) car back. This is an important reason to you get your car back before it is sold. For example, if you owe $15,000.00 on the car and they sell it for $5,000.00, they will likely sue you for $5,000.00 plus other charges and costs. In that situation, the financing company (or car lot) can and will likely sue you for the difference. Often the sale of your car is for less than the amount you owe on the car. After the sale, you are probably out of luck in getting your car back. After this “10 day” period, the company (or car lot) who is financing your car has the right to sell your car at a public or private sale. The company (or car lot) who is financing your car is required to mail you a “10 day letter” notifying you of your right to redeem your car by paying off the debt due on your car plus various other charges. How long do I have to get my repossessed (repoed) car back? ![]() ![]() In most instances, when you are financing a car and file a bankruptcy before the car is auctioned off, filing the bankruptcy will likely keep them from selling the car and you are more likely to get the car back. ![]() When you lease a car, the title remains in the name of the leasing company making it easier for them to keep the car. When you finance a car, the title to the car is put in your name, with the finance company being named as a lien holder. ![]() Recently, many companies (and car lots) who sell cars are going to leasing cars, rather than financing, in order to try and prevent you from getting your car back after it has been repossessed. This information applies to cars that are financed (not ones that are leased). We have calls all the time from people wanting to get their repossessed car back, but they have waited too long. If you wake up in the morning, your car is gone and you are behind on your car payments, there is a good chance your car has been repossessed. If the company (or car lot) financing your car has repossessed it, we may be able to help you get it back. Car Repo Get Car Back Can a Chapter 13 Bankruptcy get my repossessed (repoed) car back?
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