Chapter 13 Question (Repoed Car)
Filing BK would stop them from further collection activity. If
Filing BK would stop them from further collection activity. If you filed before they took the car, then they wouldn't be able to repo. But once they physcially have possession of it, filing BK won't do much and you probably won't get your car back. It will just keep them from suing you for a deficiency balance.
In certain circumstances, a BK judge can issue what we call a "cram-down" order and make them give your car back to you. However if that happens, you'll most likely have to resume the regular monthly payments. Your BK attorney can try to lower the payments, but the creditor can object to confirmation on the grounds that the car is rapidly depreciating and thereby injured by an inadequate payment plan.
From what I've read on people have have gotten their cars back,
From what I've read on people have have gotten their cars back, I guess from "cram-down"?
I don't mind resuming the same payment, paying 2 back payments would be alot better than trying to get 7k up.
Filing a Ch 13 will allow you to get your car back but you must
Filing a Ch 13 will allow you to get your car back but you must file and act quickly as they will send your car to an auction dealer, who will prep it for sale. Contact a br atty ASAP!
You will have to file BK before the 21-day redemption period aft
You will have to file BK before the 21-day redemption period after they took your car. After the redemption period, they're free to sell it and there's no way you'll get it back.
Be aware too, that in the long run you'll be paying your attorney and trustee between $3-5K just to go bankrupt to get your car back. Also since you seemingly have so little debt ($13K total ?), you might not be eligible for a 13.
Other problem too, that I just realized after re-reading your post, is that you need to be employed to file a chap 13. Without any current source of income to rely on, the court won't confirm your plan.
This Happened this past Tuesday, I contacted a Lawyer on Thursda
This Happened this past Tuesday, I contacted a Lawyer on Thursday, referred by someone I know at a Law firm. He's charging me $700 to take the case as a favor,he usually charges 1k. When I tried to talk to honda they said I have until June 13th.
I still have a yr left to collect unemployment which is $1660mo.