I'm curious if anyone knows why creditors have to wait 60 days before they can repossess your vehicle after you file bankruptcy (if you say you're going to give it back). Along the same lines, why do they have to wait 60 days to request a relief from the automatic stay? I'm just curious what the 60 day period is for.
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As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David Thoreau -
Creditors have sixty days from the date of your creditors meeting to object to your discharge. Provided that there is no objection, your discharge should come shortly after that 60 days expires.Originally posted by Wantmypeace View Post
In order to repo your car, the creditor would have to get relief from the Automatic Stay, which is a $200+ filing fee plus paying a lawyer. Or, they can just wait until you get your discharge and your case closing and repossess it then -- minus the fees and the lawyer. So, I guess the answer to your question is: It's cheaper that way.
I don't believe that they do have to wait 60 days for a lift stay motion.Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer. -
Many times (in our area), attorneys will attend the 341 meeting and ask for relief from stay at the meeting in order to proceed with foreclosures, etc. It is usually granted on the spot, no questions asked.Originally posted by MSbklawyer View PostAll information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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I know, we've discussed that before, and I cannot figure out how that works. The trustee does not have authority to lift the stay.Originally posted by frogger View PostPay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.Comment
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What I'm talking about is the first 60 days after filing. My attorney said that the banks can't do anything at all for the first 60 days after filing, so we don't have to worry about them coming to pick up our car until the 60 days are up (unless they request to lift the stay). Does this sound familiar to anyone?--------------------------------------------
As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David ThoreauComment
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I am going to wing my answer since i don't have my bankruptcy code book, but if you surrender a vehicle in bankruptcy the code says the creditor can pick up the car without getting relief after 45 days due to strict compliance, but most won't risk that. I can only assume that is what your attorney is referring to.
You can always drop the car off at the bank/dealership before that.
Good luckDisclaimer: I am not an actor on TV, but I play a BK Paralegal in real life. Nothing I say should be construed as legal advice, or really anything but entertainment. Please seek out professional help.Comment
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Yes, that makes sense. I want to keep it as long as possible, because only having one car between three drivers and five people is going to be a little difficult. Attorney says we need to wait for discharge before purchasing a second vehicle, so it will be a couple of rough months!--------------------------------------------
As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David ThoreauComment
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