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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2518
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I had a customer buy a vehicle from me (The Car Barn) on a

Resolved Question:

I had a customer buy a vehicle from me (The Car Barn) on a buy-here-pay-here loan, then filed chapter 13 bankruptcy after one month. I have to pay Over $100 a month to my supplier for three years and this customer only has to pay me $65 now. Isn't there something I can do about this, since the vehicle was purchased within 90 days of the bankruptcy?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 1 year ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

The debtor must pay 100% of the balance since it is less than 910 days old.

Terry L. :

The code/caselaw allows interest rate from 3.25% - 6.25%.

Terry L. :

The balance can be paid over the life of the chapter 13, up to 60 months.

Terry L. :

You don't really have anything to say in the matter if the plan provides the full balance with interest as I stated.

Terry L. :

YOu can bring a motion to modify the automatic stay if the debtor falls behind on a chapter 13 plan payment, but absent that, the bankruptcy case is pretty strong in favor of the debtors.

Terry L. :

You should not contact the debtor any more, as that would be in violation of the bankruptcy rules.

Terry L. :

You can request proof of insurance, that's about it, and that should go thru their attorney

Terry L. :

If you have any questions, let me know.

Terry L. :

Sorry, I don't have better news for you, but at least you'll be paid 100% +int. for what is owed.

Terry L. :

any other questions?

Customer:

If they have lapsed in insurance does that warrant repossession?

Terry L. :

you have to bring a motion in bankruptcy court first to modify the stay, but if granted, then you can repossess, ys.

Customer:

"The balance can be paid over the life of the chapter 13, up to 60 months." Does this mean the debtor can pay more than the chapter 13 indicated, in order reach the specific amount owed?

Terry L. :

the debtor will likely provide you with the insurance though or ask the court time to procure.

Terry L. :

any further questions?

Customer:

"The balance can be paid over the life of the chapter 13, up to 60 months." Does this mean the debtor can pay more than the chapter 13 indicated, in order reach the specific amount owed?

Terry L. :

They could, but since they are in bankruptcy, it's not likely

Customer:

I have not received any rules of bankruptcy, as far as I know of, so am I still oblicated to not contact customer?

Terry L. :

if you are aware of a bankruptcy, you do not want to violate the automatic stay. you can request a copy or you can have your attorney check the court records.

Customer:

Thank you...

Terry L. :

you are welcome.

Terry L. :

You'll get a claim form from the court once filed, so you can notifiy the court what the balance was on the date of filing

Customer:

How do I find out if I have to change the loan interest rate?

Terry L. :

The debtor will provide for that in the plan. if not, you can file an objection to confirmation

Terry L. :

any other questions?

Terry L. :

If you have any other questions, let me know. If not, please click accept to close the question. Thanks!
Good Luck

Terry L. :

Terry

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2518
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 2 other Bankruptcy Law Specialists are ready to help you

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