Posted on: 01st Aug, 2013 12:31 am
I am planning to file Chapter 7. I have a auto loan which is double the value of the car now. So, it does not make sense in reaffirming that loan. I have got no other option left but to surrender it. But I need a car to commute to work. When does a lender repo the car after bankruptcy? Will there be any lender that can work with me straight out of bankruptcy and help me buy a car?
Well, the lender may repo the car immediately after you decide not to reaffirm the loan. But again, in many cases, it has been found that it takes quite a long time to complete the repossession process. Also, you should note that immediately after a bankruptcy discharge, no lenders will be ready to give you an auto loan.
Hi Dang,
Well, it will be the lender's discretion as to when he will repo the car. Also, immediately after a discharge from bankruptcy, you will not be able to qualify for any kind of loan.
Thanks
Well, it will be the lender's discretion as to when he will repo the car. Also, immediately after a discharge from bankruptcy, you will not be able to qualify for any kind of loan.
Thanks