automatic stay

[MeLLE159]

I live in MI and was wondering how does the automatic stay work once I file...Once I file how long am I able to keep the vehicle until they are allowed to come pick it up? Is it before or after the 341 hearing or at any time? I dont plan on keeping it at this point...

[justbroke]

The automatic stay is in place until the earlier of: the case being dismissed, a discharge being entered (and the Trustee isn't administering the asset), the Trustee explicitly abandoning the property, the case closing or the creditor filing a motion for relief from the automatic stay (RFS) and being granted such relief.

The process usually happens like this. You file Chapter 7 and submit a Statement of Intentions (SOI). On that SOI, you indicate surrender of the vehicle. Usually, within a few weeks and BEFORE the 341 meeting, the creditor will file for an RFS. The RFS will usually be granted within 21 days (under negative noticing). This may be before or after the 341 meeting... just depends on timing. Then, the lender will be able to repossess the vehicle!

No one can predict how fast or how slow your lender will react to the bankruptcy. All I can tell you is that you should be prepared to have the vehicle repossessed by the time of the 341 meeting.

[MeLLE159]

Thanks so much for the information there is so much to learn, but I wont ever get myself in this predicament again.