"Car Repossession Process" Discussion

Upsolve Community Member
This might help you find what you're looking for, Alli! https://upsolve.org/learn/surrender-car-bankruptcy/

Upsolve Community Member
If you're not sure if you're filing bankruptcy, yet, check out https://upsolve.org/learn/florida-repo-law/ in our Learning Center to find out how it works in the Sunshine State. 

Upsolve Community Member
 Sometimes, it’s best to surrender. In Florida, you’re allowed a “voluntary repossession” process to surrender your car. This means that you’ll voluntarily give the lender the car. 

Upsolve Community Member
Were you a sole proprietor? Here's an article that might be helpful: https://upsolve.org/learn/differences-sole-proprietor-and-llc-in-personal-bankruptcy/  You might also find this article on small business and bankruptcy helpful: https://upsolve.org/learn/business-bankruptcy-chapter-13/

Upsolve Community Member
I had an EIN and formed an LLC for that business, which is closed down now...

Upsolve Community Member
but all the debt I incurred for this business was personal and not in the business name...

Upsolve Community Member
I had gotten start up loans and the truck loan in my name...

Upsolve Community Member
Jack's article is a great place to look- what to list for your business would generally depend on the type of business. You might also find it helpful to consider repossession here! https://upsolve.org/learn/car-repossession-101/

Upsolve Community Member
I'm not familiar with the questionnaire but I do know you can't get debt discharged unless it's listed. So if the truck is in your name and the bankruptcy is filed in your name it's a good idea to list it. That first link I posted had some LLC info.  If you want to keep your truck, this article might help you learn more about the vehicles and the bankruptcy process: https://upsolve.org/learn/can-keep-car-file-bankruptcy/

Upsolve Community Member
Thanks so much for your help Kimberly & Jacqueline!! 

Upsolve Community Member
The automatic stay (in general) goes into effect once a person files for bankruptcy- you can learn more about it here: https://upsolve.org/learn/what-is-automatic-stay-bankruptcy/

Upsolve Community Member
What happens to the vehicle depends on what option you choose- there's several, including reaffirmation and surrender. You can learn about the options here! https://upsolve.org/learn/can-keep-car-file-bankruptcy/

Upsolve Community Member
If you're choosing to surrender, this article outlines the process https://upsolve.org/learn/surrender-car-bankruptcy/ The date the car is to be surrendered can vary. It sometimes happens relatively soon after filing, but can happen even after the 341 Meeting. 

Upsolve Community Member
Ultimately, it depends on how badly they want the car. If the bank wants to move forward with a repossession without waiting for the automatic stay to expire, they can file a https://upsolve.org/legal-definitions/motion/ asking for https://upsolve.org/learn/automatic-stay-lifted/.

Upsolve Community Member
Well, sort of. The automatic stay will prevent a repossession for a while but the lender can ask for the stay to be lifted. 

Upsolve Community Member
https://upsolve.org/learn/automatic-stay-lifted/ has more on what that means exactly. 

Upsolve Community Member
There's several different options for what to do with a vehicle, and trying to get caught up on payments to keep a vehicle that's at risk of repossession might not be the best option. https://upsolve.org/learn/can-keep-car-file-bankruptcy/ an article that explains some of the options available

Upsolve Community Member
That's a good question!

Upsolve Community Member
Before filing, when to file and how long it takes is generally up to you. As an Upsolve user, the sooner you complete the questionnaire, the sooner the generated forms will be available, generally speaking. 

Upsolve Community Member
Once you file, the process takes between 4-6 months. You can learn more here! https://upsolve.org/learn/chapter-7-bankruptcy-timeline/

Upsolve Community Member
You might also be curious to learn more about repossession! These articles are often a good place to start :)  https://upsolve.org/learn/car-repossession-101/ and https://upsolve.org/learn/should-i-file-bankruptcy-after-repo/