Repossession help!!!!

Date: Thu, 11/15/2007 - 20:06

Submitted by Ami29
on Thu, 11/15/2007 - 20:06

Posts: 26 Credits: [Donate]

Total Replies: 1

OK, here's the situation in a nutshell: We file for Chapter 13 on December 3rd. Our vehicle finance company is planning on repo-ing it on/after November 23rd. (Happy Thanksgiving!)Now, here's where it gets tricky...we want to keep the vehicle (actually, NEED to keep the vehicle.)So, here's my question....We have been advised to "hide" the vehicle..say someone borrowed it, say it's at the shop, say my spouse is out of town with it. I have also been told that if we were to put it in our LOCKED garage, the repo guys can not touch it. I live in Minnesota...can ANYONE give me advice on this?? Please and thank you!!!!!

You are correct that they cannot break into a locked garage. Bu

You are correct that they cannot break into a locked garage. But the repo guys are usually very good at their profession; they don't give up after the first try. They will usually go on a stake-out and watch for you to drive the car somewhere and then take it while you are at work or the store.

Although maybe they won't find it in those 10 days. If they do grab it, the bankruptcy judge might issue a cram-down order and make them give the car back.

Keep in mind, if you are successful you will still need to keep the car fully insured with a dual-interest comp/collision policy. Lack of insurance can be grounds for them to file a motion with the BK court due to "inadequate protection" and the courts will then allow them to resume their reposession. I have seen many people let their insurance lapse and end up with a repo, even while in BK.

lrhall41

Submitted by DebtCruncher on Fri, 11/16/2007 - 01:33

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