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Just a quick question. If a company files for bankruptcy can…

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Good afternoon just a...

Good afternoon just a quick question. If a company files for bankruptcy can the company car be repossessed?

Lawyer's Assistant: What state is this in? It matters because laws vary by location.

Newyork

Lawyer's Assistant: What steps have been taken so far?

Initial stage. Just filing papers.

Submitted: 4 months ago.Category: Legal
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3/19/2018
Lawyer: Legal Eagle, Lawyer replied 4 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 13,332
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Lawyer: Legal Eagle, Lawyer replied 4 months ago

Thanks so much for your patience. The answer to your question is yes. Bankruptcy trustees become the interim owner of all of the property in the estate of the petitioner. This means that if they need to sell the assets to help pay off creditors, then that will include any real or personal property of the company. If the company has a vehicle in its name, even if it is being used by an employee or someone else, they have the right to possess the vehicle and have it sold to pay off the creditors.

What other questions did you have for me today that I can help you out with:-)?

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