When you file bankruptcy on a car and a home ... How long do u have until they repo them ??? . Friends need to know ... Im not sure how the new bankruptcy laws are now.
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2006-08-28 14:27:50 · 4 answers · asked by abustymommy 2 in Business & Finance ➔ Personal Finance
They are to file bankruptcy on the home and car .... how long do they have to get things out of home and car before the banks come and take the car and kick them out of the house ?
2006-08-28 14:32:58 · update #1
Generally, with a car....the initial filing of a bankrupsy stops the bank from taking any action for the vehicle. The bank has to go into bankrupsy court and actually petition the court for you to release the vehicle to them. Once that is done the bank contacts you to arrange a pickup. If they cannot contact you, then they send someone...usually within 90 days. From the time of filing to surrending the vehicle can be as fast as 30 days.
Houses work along the same principle, but I believe the banks will have the sheriff serve you notice as to when you have to be out of the home. I believe that is also in the neighborhood of 30 days.
2006-08-28 14:32:17 · answer #1 · answered by tjjone 5 · 0⤊ 0⤋
If you file for bankrupcy, they will not repo your house or car. They may make you down grade to a more reasonable car and house though.
2006-08-28 21:30:51 · answer #2 · answered by gtn 3 · 0⤊ 0⤋
Depends on the state. In most states they can not take the home and primary vehicle.
2006-08-28 21:30:06 · answer #3 · answered by Sandy C 2 · 0⤊ 0⤋
It depends on exactly how busty you are. Please forward topless pictures of your breasts and I will be happy to explain.
2006-08-28 21:33:57 · answer #4 · answered by beefstrokinoff39 3 · 0⤊ 0⤋