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Ask Terry L. Your Own Question
Terry L.
Terry L., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 2821
Experience:  Better Business Bureau, 18 Years bankruptcy and debt experience
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A friend of mine just had her car re-possessed last night in

Customer Question

A friend of mine just had her car re-possessed last night in Seattle. What can she do at this point?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Terry L. replied 1 year ago.
if she wants to get the car back, she can file chapter 13, which is a debt repayment/consolidation plan. She can get the car back immediately upon filing. if she doesn't want that car back, a chapter 7 would discharge any of the remaining balance after the car is auctioned off. Let me know what questions you have.thanks
Customer: replied 1 year ago.
Thanks, Terry. Does that mean that she has to file for bankruptcy? Isn't that what Chapter 13 is? Can she just negotiate a repayment plan with the lender?
Expert:  Terry L. replied 1 year ago.
yes, chapter 13 is a bankruptcy case. She could work with the lender, they will either require her to pay the shortage to get the car back in a certain time, or they can accelerate the contract requiring the note to be paid in full to get the car back (read the original loan contract and contact the lender to see). She'll have to pay repo fees and storage costs while they hold the car as well.