Legal Question in Bankruptcy in North Carolina

If you are in default, they can take it anytime, but you can get it back, (paying costs) in a bankruptcy. If you are not in default, they cannot take it now. (should be obvious to you) A Chapter 13 allows you to catch up missed payments over the plan. You may even be able to redeem it for fair market value (if the value is less than the debt) with plan payments. If you otherwise qualify, the Chapter 7 may offer the best and most immediate relief and you can posture yourself to file the 7. You should see a bankruptcy lawyer with all the numbers so you can come up with a plan before your hand is forced with a repo. It could take days or even a week or two to unwind the repo. There is a tendency for the creditors to move quickly. The filing of a petition immediately stops the repo. If taken after it is filed, it must come back without costs.

Tom Zimmerman