- Vehicle Repossesion: Seizing the Vehicle
- Vehicle Repossession: Selling the Car
- Vehicle Repossession: Paying the Deficiency
- What should I do if I am unable to meet my car loan payments?
- Should I voluntarily surrender my car if I cannot make the loan payments?
- Do I have the right to cure the default if I miss car loan payments?
- If I am unable to cure the default on a car loan, do I have a right to redeem the vehicle?
- Could bankruptcy help me prevent my car from being repossesed?
- U. S. Bankruptcy Court - District of Delaware
Could bankruptcy help me prevent my car from being repossesed?
You should contact an attorney to find out whether filing a bankruptcy petition would be the best way to deal with your financial problems. As soon as you file for bankruptcy, Bankruptcy law automatically stops any threatened repossession. However, the secured creditor can later ask the court to lift the automatic stay so that they can proceed with repossession. In some cases, bankruptcy may allow you to recover possession of a vehicle which has already been repossessed. Bankruptcy law also provides you with options to cure defaults and redeem the vehicle which are more favorable than under non-bankruptcy law. For example, in certain circumstances, bankruptcy allows you to redeem the vehicle by paying the fair market value (current value) of the vehicle rather than paying the total amount remaining on the loan.