What happens if the bank seizes my car during discharge?
I am currently filing for bankruptcy and have kept my truck that has negative equity.
I would give it in with the bankruptcy but need something right now to drive my kids.
The bank said they have zero tolerance after bankruptcy has been filed for late or delinquent payments.
If they seize the truck while I’m in discharge, what would be the negative consequences?
My plan is to buy a used truck with cash, but I can’t do this right now, it will have to wait a month or two into the bankruptcy discharge time.
You must decide at the time of Bankruptcy whether you’re going to keep the vehicle or not.
If you keep the vehicle and keep the payments up-to-date the bank cannot seize the vehicle from you.
– LIT (Licensed Insolvency Trustee)