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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2891
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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If we file a bk 13 today how soon can request the car co who

Customer Question

If we file a bk 13 today how soon can request the car co who repod our car last year June 2016 return our car with no fees no past due payments or balance owed since its another city 400 hundred miles away and has not been auctioned yet .CS1
Submitted: 1 month ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 1 month ago.

Hi there, thanks for your question. If this is your first chapter 13, the automatic stay kicks in upon filing. if the vehicle has not been sold/disposed of, you can request that they return the car. It may take a few days, and you may have to get it yourself from the holding lot. You would be responsible for all balances, and repossession/storage costs, & interest due on the note, which can be paid thru your plan. If this is a 2nd case in a year, the automatic stay lasts for 30 days, and you can file a motion to extend it. If this is the 3rd or more case within a 12 month window, you don't get an automatic stay, but can ask for it to be imposed. let me know if you have any other questions. thanks!

Customer: replied 1 month ago.
Mr. T ,
If I file the 13 myself just in my name because my residenital mortgage is working on a modification offer which that loans in my wife name only once I file the 13 as pro se would it be me dealing with the car finance co to get my car back negotians on fees , interest ? Would I request a " Cram Down" on my loan since they have not sold the car in a year and the acv is probably below the loan amount by now ?Would the finance co be responsible if the car is damaged or wont start or needs repairs ?CS1
Expert:  Terry L. replied 1 month ago.

you might be able to cram down the note if the fair market value is less than the balance owed if the loan is more than 910 days old when you file the case, otherwise, you have to pay the contract balance, and interest rate of prime +1 to +3 points. As for damages, it's a argument that you can make, or use in the cram down offer. It would be hard to prove condition at the time it was taken vs now, kind of a he said she said. Worst case, you can let them keep the car, and put the balance into a chapter 7 or chapter 13 and pay a percentage of the remainder after sale.

Customer: replied 1 month ago.
sir the loan org in Nov 2011 until BMW repod in June 2016 and I have the post repo pics and handed the keys to the repo co even so I told him to drop it due to some Texas repo law that if he disturbs the peace he must drop it at my request something like that but he refused so I didnt want him to damage the BMW because it was well kept and maintained so I gave him the keys to tow the BMW safely and correct because it is AWD.Also if I file next week how long do I have to find work because I was recently released last week from employment and how long before I can file my 2015 and 2016 taxes after filing the 13 next week .CS1
Customer: replied 1 month ago.
Hello Mr. Terry - Hope your ok ? BTW I realize the automatic stay will stop BMW from selling my BMW but do I have a chance to get it back after a year ?CS1
Expert:  Terry L. replied 1 month ago.

if they still have it, yes, if it has been sold, crushed etc. then no.

Expert:  Terry L. replied 1 month ago.

any other questions? if not, please click accept and rate my answer 5 stars and the question can be closed. thanks!