Hello! I am a bankruptcy attorney and I would be happy to assist you with your question as it pertains to bankruptcy.
I would recommend that you file bankruptcy immediately, if not yesterday. Filing bankruptcy would prevent the sale of your vehicle in most jurisdictions. You will need to talk to an attorney in your local jurisdiction about local rules. You may be eligible to file Chapter 13, which provides the ability to pay the arrears (the money that was past due before you filed bankruptcy) over the course of 3 to 5 years in a payment plan.
If you are able to retain an attorney tomorrow, you may be able to file a 'bare bones' bankruptcy. It would be blank schedules that you could later fill-in, but it would prevent the auction of the vehicle for the time being. If you have any other questions regarding this matter or bankruptcy, I would be happy to assist you.
My car is under my name and co-signed by my father. He filed for bankruptcy about 6-8 months ago . Will there be any problem with that?
When your father filed bankruptcy, was it Chapter 7 or Chapter 13? If it was Chapter 7, did he sign a reaffirmation agreement?
I dont know. I just know that he had the majority of debt removed and not have to pay back
It sounds like it was most likely a Chapter 7 bankruptcy, if he did not have a payment plan. In a Chapter 7, he should have received a reaffirmation agreement from your car company. If he did not sign it, his name came off the loan and he is no longer liable for any debt on the vehicle. If he did sign it, he may be liable for any debt on the vehicle similarly to you. You may want to discuss with him whether he signed any documents about your car loan during his bankruptcy.
Another great advantage about bankruptcy is that in the event that you should lose your car at the auto auction and should they car company claim a deficiency that you owe, you may be able to discharge that in bankruptcy. This happens quite frequently for many people. Hopefully though, you will be able to retain an attorney in your jurisdiction that can assist you in filing bankruptcy as soon as possible. Please remember that in order to prevent the auction, you will need to file your bankruptcy prior to the car's sale.
May i call the lender and ask to give me few extra days?
Of course! Some lenders want to work with debtors to keep their vehicles, since they will experience a loss. Another option in certain jurisdictions is that if you have the money owed that is past due and you are willing to pay it in full prior to the sale, they will allow you to make the payment and must return the car to you prior to the auction. I would recommend calling the car company as soon as possible.
I hope my answers have helped you. I recommend going to a bankruptcy attorney in your area as soon as possible to discuss any local laws. Many offer free consultations!
I did call to make the payment and they were very rude and said i can only get the car back if paid in full.
They also said that because my dad had filed for bankruptcy they were allowed to take the car without notice and that I fall in the same bankroptcy law because he was the cosigner
That sounds like a very difficult situation. I have seen that many times car companies require the full payment of past due payments before they will release a vehicle that has been repossessed. Since I do not know what happened in your father's bankruptcy I can not provide any answers as to that issue. Just remember, that unless a person is a barred attorney they can not provide legal advice. Therefore, I wouldn't put too much stock into what a customer service rep said to you. As I advised, you should go speak to a bankruptcy attorney as soon as possible if you wish to stop the sale. I think that would be the best option for you. I hope my answers have helped you and that you will leave me a positive rating!
It has been my pleasure! I hope that you are able to stop the sale of your vehicle!
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