Repossession After Bankruptcy: What You Should Know
When you file for bankruptcy, the court issues an automatic stay that halts most collection actions against you. This includes repossession proceedings. However, the lender can ask the court to lift the stay and allow them to repossess your vehicle.
If the court grants the request, you'll receive notice of the hearing date and time. You can object to the request, but you must do so in writing and explain why you believe the stay should remain in place.
If the court lifts the stay, the lender can repossess your vehicle at any time. They don't have to give you advance notice. Once they take possession of your car, they can sell it at a public or private auction.
If you're facing repossession after bankruptcy, it's important to understand your rights and options.
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