Can you get a Repossessed car back by filing Chapter 7?
Posted: Wed Dec 14, 2011 12:56 pm
Thank you.
Yoon-Mi
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> read whiting pools. until the propery is sold by the creditor, the property belongs to the debtor. File a reaffirmation. Read Whiting Pools, you can find it for free on google.scholar.
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> The Bankruptcy Court determined that the IRS was bound by the automatic stay provision. In re Whiting Pools, Inc.,10 B. R. 755 (1981). Because it found that the seized property was essential to Whiting's reorganization effort, it refused to lift the stay. Acting under 543(b)(1) of the Bankruptcy Code,[6] rather than under 542(a), the court directed the IRS to turn the property over to Whiting on the condition that Whiting provide the Service with specified protection for its interests. 10 B. R., at 760-761.[7]
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> The supreme court of the United States has determined the IRS cannot take propety from the debtor in these circumstances. What do you thing a bk court would tell a regular creditor?
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> ________________________________
> To: cdcbaa@yahoogroups.com
> Sent: Monday, December 12, 2011 2:41 PM
> Subject: [cdcbaa] Can you get a Repossessed car back by filing Chapter 7?
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> PC was 2 weeks late on payments, and the credit union repossessed his car. I've read that filing Chapter 7 prior to the creditor selling the car, makes the car property of the estate, and thus prevents the car from being sold. PC is willing to pay storage fees, arrears, and continue making payments on the car.
> Is this something that can be negotiated directly with the creditor, or do we need permission from court to get the car back?
> Has anyone had this type of situation before?
> Any info would be much appreciated.
> Thanks!
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> Yoon-Mi
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> 462 U.S. 198 (1983)
> UNITED STATES
> v.
> WHITING POOLS, INC.
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