If you filed chapter 13 after your car was repossessed and the bank was notified how long does it take to get your car released?

You will be able to use Chapter 13 to get the car back if the lender has not yet sold it. A lender must abide by state laws governing repossession of vehicles. Most states require the lender to hold the car for 10 to 15 days before it can be sold. Once the car has been sold, you cannot get it back from the lender.

1. What happens to my car loan if my Chapter 13 is dismissed?
2. How long does it take to get car back after filing Chapter 13?
3. How do I know if I reaffirmed my car loan?
4. Will Chapter 13 stop repossession?
5. What happens when my Chapter 13 is paid off?
6. How do I get my repossessed back?
7. Should I get my car back after repossession?
8. Can car be repossessed after charge off?
9. How long does the repossession process take?
10. Is surrendering a car the same as repossession?
11. What happens if I don't reaffirm my auto loan?
12. Can I reaffirm debt after discharge?
13. What happens if you default on a reaffirmed loan?

What happens to my car loan if my Chapter 13 is dismissed?

Repossession is much more likely (and likely to happen more quickly) after a Chapter 13 plan is dismissed if you had a cramdown. Because the lender will want to recover the asset rather than letting you keep the car for the lower payment amount, they will likely move to take it back.

How long does it take to get car back after filing Chapter 13?

CHAPTER 13 CAN GET YOUR CAR BACK AFTER IT IS REPOSSESSED

If you file Chapter 13 approximately within two weeks of the repossession, you may be able to have your automobile returned to you.

How do I know if I reaffirmed my car loan?

To reaffirm a car loan, you must be able to show the court that the vehicle is necessary and that the payment is reasonable. You must also be able to show that the car payment isn't an undue hardship on your household (you'll still be able to afford the necessities of life).

Will Chapter 13 stop repossession?

The Automatic Stay Stops Car Repossession

When you file for Chapter 13 bankruptcy, the court puts an order called the "automatic stay" in place that prohibits debt collection attempts. The stay applies to most, but not all, creditors and debt types. ... It will also prevent a lender from repossessing your car.

What happens when my Chapter 13 is paid off?

Once you finish your Chapter 13 repayment plan, the remaining 30 percent of your debt is discharged, meaning you won't have to repay that remaining debt. If you pay your Chapter 13 plan off early, you alter the agreed upon terms of your bankruptcy case.

How do I get my repossessed back?

Often, a bank or repossession company will let you get your car back if you pay back the loan in full, along with all the repossession costs, before it's sold at auction. You can sometimes reinstate the loan and work out a new payment plan, too.

Should I get my car back after repossession?

This is called “reinstating the loan” or “curing the default.” Your loan agreement may or may not include provisions for reinstatement, but California law protects your right to reinstate the loan even after repossession, until the property is sold or otherwise disposed of.

Can car be repossessed after charge off?

Getting a car loan charged off doesn't eliminate your obligation to pay the debt. It also doesn't prevent a repossession. Once a car loan is charged off by the original creditor, you'll likely be dealing with a collection agency or debt collector.

How long does the repossession process take?

It typically occurs after a delay in your auto or car loan payments. Depending on the contract, your lender may be able to start the repossession process after the first missed payment. Other times a lender will let up to 90 days pass before beginning the repo process.

Is surrendering a car the same as repossession?

Repossession. Surrendering your vehicle and repossession are very similar in financial terms. You are unable to make the loan payments, so the lender is taking the vehicle back. ... For this reason, lenders may consider a voluntary surrender to be slightly less negative than a repossession.

What happens if I don't reaffirm my auto loan?

If you don't sign a reaffirmation agreement, the lender can repossess your car after your case closes and the automatic stay lifts. ... Reaffirming your car loan will provide certainty against the lender repossessing your car as long as you keep current with your payments.

Can I reaffirm debt after discharge?

You cannot reaffirm any debt after your bankruptcy has been discharged. Bankruptcy law requires any reaffirmation to occur before the discharge is entered. In addition, the only reason to reaffirm is to persuade the mortgage company to report your ongoing payments to the credit bureaus.

What happens if you default on a reaffirmed loan?

It's possible reaffirmation can actually hurt you. In California, lenders can and usually do foreclose without going to court. You lose the house faster, but the bank can't sue you for any debt left after the foreclosure sale. ... If you reaffirm the debt, though, it's not wiped out.