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

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

Upsolve Community Member
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/ 

Upsolve Community Member
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. 

Upsolve Community Member
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.

Upsolve Community Member
Filing a Chapter 7 bankruptcy can temporarily delay a repo - if it's filed before the car is picked up - but it doesn't provide any mechanism to catch up on payments. 

Upsolve Community Member
Repossession is something that often makes people think about filing for bankruptcy- but what happens to the vehicle depends on the circumstances. 

Upsolve Community Member
https://upsolve.org/learn/bankruptcy-after-car-repossessed/

Upsolve Community Member
Sorry to hear about your pending repossession. :( You might want to look into learning about the https://upsolve.org/learn/when-surrender-car/ option so you can plan for being without a car and not have it taken when you're not looking.  Being familiar with https://upsolve.org/learn/repossession-and-your-rights/ could help you keep your car, or at least keep it a little longer. 

Upsolve Community Member
This article about the https://upsolve.org/learn/the-automatic-stay/ talks about how bankruptcy can temporarily stop a repossession.  If you're thinking about filing bankruptcy, it's worth reading.

Upsolve Community Member
Michelle, thanks so much for asking! I took a look but it does look like the software asks for the past 8 years. If you need to update your answers, feel free to re-do the "About You" section. 

Upsolve Community Member
If you'd like assistance, I'm also happy to enter the information- just reply here with the names you need added and I can update your account. 

Upsolve Community Member
Thanks so much! Please let us know if you have any other questions! 

Upsolve Community Member
Thank you! I looked back at my tax information and I won't need to include that business (it was in my name and my own social security as TIN anyway). However I'm not sure if what's currently on the draft (A Place for Rover) needs to be there. I did a lot of work as Independent Contractor / Gig and the draft doesn't list any of those even though I listed them in the business section. A Place for Rover is Independent Contractor work (somebody else's business that I am not an employee of, but do work through as a self business). Do you have maybe an idea about that?

Upsolve Community Member
And thanks Claire you are really super helpful, throughout this process

Upsolve Community Member
Yes I think after checking everything over that A Place for Rover should not be listed as a Business Name, as it is a Sole Proprietorship. I would need help taking that off (as I don't know how it got on!)

Upsolve Community Member
You can voluntarily pay any debt you like after your case is filed. 

Upsolve Community Member
You might find this article informative, Allison! https://upsolve.org/learn/how-bankruptcy-impact-student-financial-aid/ 

Upsolve Community Member
Thanks for asking!