What happens if you file Chapter 7 Bankruptcy and the creditor never picks up the car?

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You do not get a free house or free car when you file chapter 7 bankruptcy. However, what happens when the creditor just never picks up a car that is surrendered in the chapter 7 bankruptcy.
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Scott Allums started his bankruptcy and consumer protection law firm in 2001. A fully licensed bankruptcy attorney, he has extensive experience helping businesses, individuals and families seeking debt relief. Scott will help you put an end to abusive collection phone calls, help you enforce your bankruptcy discharge, and put you on track to obtain a fresh start.
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We are a debt relief agency. We help people file for Bankruptcy under the Bankruptcy Code. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. Attorney Advertising. This video is designed for general information only. The information presented in this video should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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6 авг 2024

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Комментарии : 15

@lifeisgood5162 Год назад

😂 until the wheels fall off

@MrCurtboy2 10 месяцев назад

Can one file bankruptcy if they total two separate vehicles that wasn’t insured by insurance under chapter 7?

@bleachcheeks4837 11 месяцев назад

Man my gma just passed and turns out she had a 20k lien against her vehicle from bank loans. Off a car that's hardly worth 5k. Theyre hell bent on getting that car just let it sit in a lot

@scottallums 11 месяцев назад

If the bank picks up the car, they will have a deficiency claim against Grandma's estate and any co-signer.

@bleachcheeks4837 11 месяцев назад

@@scottallums it seems like a slippery situation, can they even chase us for it in reality? I don't think the debt has gone into anyones name it is only attached to the vehicle

@scottallums 11 месяцев назад

@@bleachcheeks4837Please reach out to a lawyer in your state so you can get some advice specific to your situation. You are correct in that it can get a little complicated with the possibility of administering your grandmother's estate.

@bleachcheeks4837 11 месяцев назад

@@scottallumsI'm not entirely sure how much standing I have in the situation. My mother seems to hold the cards but she won't play any of them bc she's scared to lose her house with the loss of income with her passing. It's pretty stressful and a sad situation

@scottallums 11 месяцев назад

@@bleachcheeks4837 Most bankruptcy lawyers offer free consultations. Please encourage your mother to get a free consult about saving her assets. Having information will help her make informed decisions.

@aka2312 5 месяцев назад

what happens if you have no liquid assests and file for it amyway

@deandrasheart6477 4 месяца назад

What if u own the car out right do I lose my car ?

@scottallums 4 месяца назад

This is not legal advice but for informational purposes only. Generally speaking, whether you can keep your paid-for car when filing for Chapter 7 bankruptcy depends on the state you live in and the value of your car. In Chapter 7 bankruptcy, a trustee may sell your non-exempt assets to pay off your debts. However, every state has exemptions that can protect certain assets, including your car, up to a certain value.

@THEMONITOR72 Год назад

But is it LEGAL?!?

@scottallums Год назад

The car title is typically in the person's name who is filing bankruptcy. So that person who filed for bankruptcy in Alabama owns the car. However, the car is not paid for therefore a creditor has a lien on the title. The Chapter 7 bankruptcy will not eliminate the lien. So if the creditor fails to pick up the car, the person who files bankruptcy still owns the car, but they don't have the ability to transfer a clear title because the lien is clouding the title.

@THEMONITOR72 Год назад

@@scottallums thanks for the reply. I get all of that but why are people complaining about having a free car with no payments??? "Ride it until the wheels fall off", like you said. But most of us were just wondering if it was illegal because it FEELS illegal. We needed to hear you say it.

@FireFistGabe 11 месяцев назад

It’s legal, just a risky move and up to the bank/lien holder to decide wether it’s worth taking the car back. If you have a brand new car, low miles, I’m assuming the bank is going to want to take it back. But on the other hand, if the Kelly blue book value is much lower than what you owe, might not be worth it.