What is the status of an auto that has not been repossessed after1 yearafter bankruptcy?
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What is the status of an auto that has not been repossessed after1 yearafter bankruptcy?
Asked on February 21, 2011 under Bankruptcy Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you did not reaffirm the auto loan and it was discharged in the bankruptcy - and you have not continued to pay on the car since the discharge - the car belongs to the lender, not you. So please, do not do anything with it that could compromise their ownership. Do not even drive it. Rather send them constant letters where they can pick up the vehicle. With so many bankruptcies and foreclosures going on these days, repossession of items can take a long time. Even foreclosures are taking an inordinate amount of time. But the property does not revert back to you just because they take too long to come and get it.
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