My car has been repossessed and I really want it back. My credit is poor and I dont have the means to get the vehicle and refinance and I am trying all my options. I only owe 5000 on the truck and its 10 years old. The balance is more than the truck is worth, so I am trying to see what could I do to get it back if anything or start all over.
You said your CAR was repossessed, and you owe $5000 on the TRUCK, which is more than it is worth. Bankruptcy allows you to redeem your vehicle in chapter 7, meaning you make a lump sum payment equal to what it is worth (722 redemption might loan you money to do so if you do not have a lump sum); or in a chapter 13, to pay the value over time (depending on how long ago you purchased it). It makes sense to talk to a bankruptcy attorney about your options. Try the attorney finder at www.nacba.org.
If you take Alan's advice, which is dead on accurate, you better move quickly. Once your vehicle is sold to a bona fide purchaser for value, you are out of luck.
Legal disclaimer: Jonathan Stone is a New Jersey-licensed attorney only. The information is not intended to be legal advice. You should consult an attorney regarding your particular circumstances. Answering this question on Avvo does not constitute legal advice, constitute legal representation or constitute an attorney-client privilege.
You might call 722 Redemption to see if you qualify for a BK loan to redeem. If not you might consider a Chapter 13 to get the car back and pay them the retail value over a period of time; up to 5 years. But, first contact an experienced BK lawyer who handles both 7 and 13.