I have a car, the company that financed the car went out of business. I was behind in my payments about 5 months. I did not know who the new company was. I filed BK so my Attorney suggested I get my credit report to see what company had this account, I found out who the company was so when I filed BK I included this in my BK. My question is will I ever be able to get the title to this car or do I have to pay back the remaining balance or will I be able to negotiate with the company a fair market price. What do you think?
You still owe the balance and will have to pay it before they will surrender the title to you. If you contact them, they might decide it's time to reposess the car from you. You would be wise to keep quiet and continue to drive the car. Each state has a law that says how long you must wait to apply to the DMV for a replacement title in a situation like yours. Usually, it's about 5 years. Once 5 years passes, contact the DMV and ask them how to do it. Be aware that the DMV will probably require you to notify the original lienholder that you're applying for the new title.
You didn't say which chapter you filed under, so I will assume 7. Ask your attorney what cram-down value the car has and see how cram-downs are handled in your state.
Re: Re: Don't Have Title To Car??? Read this--- http://www.weil.com/wgm/cWGMPubs.nsf/0/c2cc80dd1fb899f585256dfd007c8a74?OpenDocument
Re: Re: Don't Have Title To Car??? It may not be 5 years in your state. I was speaking generally. You need to call your DMV and ask them about obtaining a title on an abandoned car. They will explain the process for your particular state.
