I bought a vehicle from a used auto dealer. After 2 months payments I filed bankruptcy. My bankruptcy was dismissed before the vehicle was paid for, however, I only owe $510.00 and my original balance was $3,974.40. I have not made a payment in 2 months. Can they still repossess my vehicle?

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Originally Posted by khilliard

I bought a vehicle from a used auto dealer. After 2 months payments I filed bankruptcy. My bankruptcy was dismissed before the vehicle was paid for, however, I only owe $510.00 and my original balance was $3,974.40. I have not made a payment in 2 months. Can they still repossess my vehicle?

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Yes, of course - when you say your Bankruptcy was dismissed was it denied? Were you adjudicated bankrupt? How did Bankruptcy Court deal with this loan? It would appear that the debt was ratified in the Bankruptcy process.

If making payments on this vehicle was part of your Bankruptcy and you don't keep up with the terms the creditor can go back to Bankruptcy Court and try to set your Bankruptcy aside; or, worse yet, if the vehicle wasn't listed in the proper manner or this debt wasn't listed at all your Bankruptcy can be set aside.

But, yes, if you have the vehicle you owe the payments.

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Originally Posted by JudyKayTee

Yes, of course - when you say your Bankruptcy was dismissed was it denied? Were you adjudicated bankrupt? How did Bankruptcy Court deal with this loan? It would appear that the debt was ratified in the Bankruptcy process.

If making payments on this vehicle was part of your Bankruptcy and you don't keep up with the terms the creditor can go back to Bankruptcy Court and try to set your Bankruptcy aside; or, worse yet, if the vehicle wasn't listed in the proper manner or this debt wasn't listed at all your Bankruptcy can be set aside.

But, yes, if you have the vehicle you owe the payments.

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I'm sorry, I was not clear about the bankruptcy. I did make payments for over a year while I was in bankruptcy. But my claim was dismissed when I was no longer able to make my payments to the bankruptcy court. I had heard that they could not repossess if I owed less than $500 on the vehicle.

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Originally Posted by khilliard

I'm sorry, I was not clear about the bankruptcy. I did make payments for over a year while I was in bankruptcy. But my claim was dismissed when I was no longer able to make my payments to the bankruptcy court. I had heard that they could not repossess if I owed less than $500 on the vehicle.

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Nope, I am not aware of any State where a balance less than $500 is a write off - you owe, they have the right to pursue you if it's 2 cents. Does it makes sense, is it worth the cost of pursuing a claim? That's up to them.

Have you considered straight bankruptcy if you couldn't manage to pay cents on the dollar?

I've heard the $500 comment before, one of those rumor things -

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Originally Posted by JudyKayTee

Nope, I am not aware of any State where a balance less than $500 is a write off - you owe, they have the right to pursue you if it's 2 cents. Does it makes sense, is it worth the cost of pursuing a claim? That's up to them.

Have you considered straight bankruptcy if you couldn't manage to pay cents on the dollar?

I've heard the $500 comment before, one of those rumor things -

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She is absolutely correct! Rumor or urban myth, take your pick.

There is no limit in dollar value that prevents any lender from repossessing your vehicle.

If they want it bad enough, the will come and get it.

Why not just pay it off with such a small balance?