Loss of Vehicle in BK

What is the name of your state? Wisconsin

We will be losing our vehicles when we file bk. My question is generally how long does it take for them to take it back? Do they take it when we file, when it's finalized, or whenever they feel like it?

Any ideas?

You can set up a pickup date and time with the creditor rather than guessing when, where, and if they will pick it up. That's usually the best bet when turning in your vehicle, bankruptcy or not.

[I AM ALWAYS LIABLE]

Originally Posted by IceMountain

What is the name of your state? Wisconsin

We will be losing our vehicles when we file bk. My question is generally how long does it take for them to take it back? Do they take it when we file, when it's finalized, or whenever they feel like it?

Any ideas?

My response:

A lot depends on the year, make, model and current value, whether the owner repossesses the vehicle; i.e., it may not be worth the effort. But, let me get my crystal ball out . . . now, where is that thing? (rummage, rummage, rummage). Still looking, so hang in there!

IAAL

[minnesotakent]

Minnesota

I was also wondering about this. We have a vehicle that is completely paid for that we will have to give up. We have actually been putting off filing because we want to use the vehicle as long as possible.

When will the trustee likely ask for the vehicle? Also, the license tabs are due in July, I would guess we should not pay for them if we have to turn the vehicle over before the new tabs need to be on it. Is that correct?

[AttorneyOney]

Surrendering the collateral for a secured loan is one of the options that's covered in a consumer debtor's statement of intention. According to section 521(2) of the bankruptcy code, the debtor has 30 days, or until the 341 meeting (whichever comes first) to file the statement of intention and another 45 days to actually carry out the stated intention.

Turnover of estate property to the trustee is a separate issue. Section 542(a) requires that it (or its value) be delivered to the trustee, but it doesn't specify WHEN. One couldn't go wrong by asking the trustee the direct question, "When and where do you want this car?"