“HELP! MY CAR WAS JUST REPOSSESSED!” – There is a way to get it back…

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We often get the question of can I get my Car or Vehicle Back if it has been repossessed?

The answer to this question is yes, but you must act timely. 

When a bankruptcy petition is filed, there is a creation of a bankruptcy estate. The bankruptcy estate pursuant to section 541 of the Code consists of “all legal or equitable interest of the debtor in property as of the commencement of the case”.  When a vehicle is repossessed, title does NOT immediately vest in the creditor.  Therefore, until the vehicle is auctioned or sold, title is still in your name.   Once a bankruptcy is filed, the vehicle is property of the bankruptcy estate, and that means you can get it turned over- back to you.  If the creditor is still in possession and fails to turn over the property, the creditor is in violation of the bankruptcy code.  You must pay what is called “adequate protection” and maintain insurance on the vehicle, but you get possession back!

The type of bankruptcy where you can get your vehicle back is a reorganization filing, wherein you will repay your creditor on the vehicle loan.  There are many specifics to this type of bankruptcy, such as calculating your disposable monthly income, repayment of taxes and secured debts; these are all things that the attorneys at Pollak, Hicks & Alhejaj can help you with.

 If your car or vehicle has been repossessed, CALL US NOW!  You need to file typically within 2-3 days from the date your car was repossessed to get the vehicle turned over.  This means you need a professional law firm that can provide you with prompt service!  THAT IS POLLAK HICKS & ALHEJAJ.  We know that these cases are especially stressful and that prompt action is called for.  You can file an emergency bankruptcy petition to get your vehicle back and then complete the remaining paperwork within the next few weeks.

By: Roxanne Alhejaj

Attorney at Law

 

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