"How Long After Car Repossession Can I Get A Mortgage" Discussion

Upsolve Community Member
That's a good question!

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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. 

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

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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/

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Hi Eric! Hopefully, this article on https://upsolve.org/learn/how-to-file-chapter-13-bankruptcy/ will answer your questions! Good luck ahead! :-) 

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Mark, I’ve already filed. Do you have any ideas about my questions? 

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Upsolve is a free service for low-income families wishing to file Chapter 7 without an attorney. I can't answer your questions but I can point you to info: https://upsolve.org/learn/what-happens-when-a-chapter-13-case-is-dismissed/ 

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Did your Chapter 13 payment agreement https://upsolve.org/learn/chapter-13-cramdown/ the value of your car? Depending on circumstances and the lender, a loan has the potential to revert to a pre-filing state. (Were you at risk of repossession before filing?) Regarding your credit report, the article https://upsolve.org/learn/discharge-vs-dismissal/ discusses bankruptcy dismissals and credit reporting. 

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One thing that catches many by surprise is that your car loan payment is likely "late" because the Chapter 13 trustee pays according to their schedule, not the monthly due dates on the creditor's statement.

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Hi Jessica, Here is an Upsolve article on this topic: https://upsolve.org/learn/car-repossession-101/

Upsolve Community Member
I know it's depressing news, but generally car loan debt doesn't go away after a car is repossessed unless you file bankruptcy or take some other action to get rid of the debt. The article https://upsolve.org/learn/owe-after-repossession/ explains more. 

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Hope those articles help! Please let us know if you have any other questions! 

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can they still charge interest on the loan?

Upsolve Community Member
Generally speaking, yes, a debt can incur interest as long as its still owed

Upsolve Community Member
Lenders can only report true things to the credit reporting agencies. This, unfortunately, means that a repossession can hit your credit report any time it happens, regardless of bankruptcy. 

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So even if I surrender it now, just a few weeks after it will show as a repossession? So if I'm understanding this, that no matter if it's during the open bk, it's reported as such?

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RC Thanks for asking this! Does your credit reporting agency have any information on this? 

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Upsolve's software is completely free to use! You can learn more about Upsolve and the resources available here in this article: https://upsolve.org/how-we-work/

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You might also find this list of legal aid resources helpful, if you'd prefer to go that route https://upsolve.org/legalaidlocator/ 

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Hi Jill, Here's a 10-Step Guide on how to prepare for bankruptcy and get a fresh start: https://upsolve.org/learn/how-to-file-bankruptcy/ Please continue to ask any questions. We are here to help.

Upsolve Community Member
Jill, TWO years ago at this time, I was asking the same question to the universe. I had never heard of Upsolve. I went to my local Legal Aid Society armed with all of my financials and my Nolo Press book stressed beyond mental boundaries. I was on a mission...

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...and guess what? The Legal Aid Society in Long Beach doesn't handle bankruptcies! I was crushed. THIS was supposed to be the way I was going to get pro bono assistance and now it was back to square one and Google. This is the day I discovered Upsolve. 

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...and I found that Upsolve's Learning Center was as good or BETTER than my Nolo Press book because when I GOT STARTED with the online Interview at Upsolve and had questions, I found that by entering darn near any question I had in the Learning Center's search box, my questions were answered. 

Upsolve Community Member
Jill, if I can do this, YOU can do this and, if you need an attorney to tackle an issue or two, OK. ---- the combo of pro se (representing yourself) OR Upsolve together with an hour or two of an attorney's time at their prevailing rate (or free if you can find it!) is a great option! That is what I do with my taxes: I use TurboTax to file myself but have a CPA "on-call" if I have any tough stuff!

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Good luck and thanks for reading my long post. Happy New Year! :-)

Upsolve Community Member
Thank you Mark H. I appreciate all that you said! Happy New Year to

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 you also!