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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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How soon does a car company take your vechile back after a

Resolved Question:

How soon does a car company take your vechile back after a 341 meeting? Do they do it at the meeting or do they have to let you at least return home before taking it back?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Is your car loan with the dealer, with a bank, or someone else?
Did you indicate on your Bankruptcy petition that you would be "surrendering" the car?
Customer: replied 5 years ago.
My car loan is with Car Max, and I indicated that I would like to reafirm the loan, if I could work something out.
Expert:  cfortunato replied 5 years ago.

Because of the "automatic stay", a lender cannot re-possess a car while the Bankrutpcy is in progress, unless they file a Motion asking the court for relief from the automatic stay. Unless they file a Motion - which you would receive notice of - they have to wait until the Bankruptcy is discharged before they can re-possess your car.


I think this is what you wanted to know. If not, please let me know.

Thank you!

Customer: replied 5 years ago.
But what I need to know is, will they take the care right ater the 341 meeting is over? Or can I still drive home before they take the car?
Expert:  cfortunato replied 5 years ago.

They cannot take your car after the 341 Meeting. You will be able to drive home from the Meeting.

If they want to take your car, they have to wait until your Bankruptcy case is closed - around 4-6 months after it was filed.

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