Questions regarding your vehicle:

Can I stop them from taking my vehicle if I am behind on the payments?
You can always keep your vehicle when you file bankruptcy. One choice is to keep making payments to keep your car. Another choice is to set up a new consolidation of your payments through a Chapter 13 so that you will not have to be concerned about catching up the back payments. This usually results in a reduction in the amount and interest rate you will have to pay. The attorney will explain all the considerations involved in this choice.
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They just repossessed my vehicle, can I get it back?
Yes. If you will come in to see the Attorney before the Banks sells the car/truck at auction, the Attorney can almost always get the vehicle back for you. (The bank must wait at least 10 days before auctioning the vehicle to give you a chance to consult with an Attorney.) Banks usually wait longer but do not push it.
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They just repossessed my vehicle, will I still owe money?
You usually will not owe any money if you file for Bankruptcy. It does not matter whether you were purchasing your vehicle or leasing it, the remainder due under your car note or lease is discharged in Bankruptcy.
If you do not file bankruptcy the following will take place: When your bank gets the vehicle back, the bank will auction it off at a dealer auction which brings very low sale amounts. The bank subtracts what they receive at the dealer auction from the remainder due under your car note or lease and bills you for the difference. This is called a "deficiency balance". It does not matter if they pick it up or you voluntarily return it, you will owe a "deficiency balance". If you do not pay, the Bank can then sue you for the money and levy on your income and assets.
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Can I keep my car or other property?
When you file bankruptcy, one of the choices will allow you to keep all your property. The Attorney will explain how this will work in your situation. If you choose a Chapter 13, the Attorney can often reduce your car payment and the interest you have to pay.

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