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Posted in: Auction FAQ | | Comments (2)
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Bankruptcy laws have changed drastically over the last few years. But at one time Bankruptcy would allow you to keep one car at a settled price provided you could continue to pay for the car at the agreed upon payment but once the car was reposed it was too late to get the car back.
Check with an attorney to make sure this rule still applies.
Comment by Dean S — March 24, 2010 @ 11:26 pm
Sure. You can file if it doesn’t too. If your real question is "Would filing for bankruptcy get my repossessed car back, or protect it from being taken?" the answer is no. Not the way the laws have changed lately. Anything you have pledged to a loan can be taken if the loan is not paid. You have the right under bankruptcy to keep some furniture for example, but it you have signed that furniture away to "WeCheatFinance" and they come to get it, you can’t stop them.
Comment by oklatom — March 24, 2010 @ 11:26 pm