Question by btwitkin: Can a car finance company put a lien on my bk acct after repo?
I had a car repossessiod about 6 months ago. After sale, they said I still owe them $ 9000. It was leased. I am about to file for bk soon. I am worried before I get a chance to file they could put a lien on my bank account.
1. Can they?
2. If they haven’t by now, should I still be worried?
Best answer:
Answer by Jamie G
Depends on the state you are in or country. In most cases they put in on your credit report. But if they file a judgement against you they can do an asset search and freeze the money. In that case a judge might award them the cash. If you are thinking of it now, I would suggest taking the money out of any bank and keep it in cash in a safe in your house or give it to someone you trust to hold it for you.
If you are going through BK, then ask your lawyer as hiding money can be illegal.
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One Response
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payjani Says:
YUP and that sucks but always remember they cannot freeze what is not there to be frozen DO not leave that money in the bank! take it out. NO NO NO do not tell your bankruptcy lawyer you have assets EVER (I Have filed myself) assets MEANS $ MONEY To Pay your bills with !!! hello. DO not shoot yourself in the foot. do not reveal anything EXTRA to the lawyer or any one else!!!! PLUS OF YOU HAVE MONEY IN THE BANK! A lot of money you cannot file bankruptcy to begin with and why would you??? The laws have been updated anyhow NOW you must make payments back to your creditors even if you file chapter 13 (Absolute bankrupt) and you have to pay your lawyer up front!
the shocking part is that you need to go to freecreditreport.com or one of the free sites and check out your credit file , sign up for it and then cancel it so you can get it for FREE . unless you want to continue to pay the monthly fee. Credit company’s have an automated reporting system and 6months into a Repo IT IS already there. Even if you file it would remain there for up to 10 YEARS! bankruptcy DOES NOT clear all records from your file it just just protects you from lawsuits and litigation legally.( THE CREDIT FILE WILL STATE::: included IN BANKRUPTCY)
IT took me 12 years after mine to secure credit again make sure it is the right choice for you OK<Did you do a voluntary Repo on the car(take it to the dealership and park it and hand them the keys) or involuntary
(make them hunt you down for the car) that will also be reflective on you crdit file.On a postivite note they CANNOT garnish your wags for this.
Bad thing I dont know where you live wait to long and your messing yourself up and there will be exclussions in your bankruptcy.
If you have ANY ASSESTS that bankrupcy lawyer will find them and you will have another person appointed by the court the name of that person escapes me right now but he or she will fact check behind you & your lawyers backs and if there is one tiny little LIE they will not allow your bankruptcy to proceed. so IF you got money it will have to come out of the bank anyhow!!! the worried part??? I know if it goes to court and they get a judgement aginst you IT CANNOT BE INCLUDED IN THE BANKRUPTCY. PERIOD.
