Expert: Norma Duenas - California Bankruptcy Attorney - 11/11/2009

Question
we have two vehicles, both work, one got repossess this morning, what can we do?
both names was on this vehicle.
i filed a chapter 13 in 2000, it was never reported on my credit report. i might need to file now, what will my outcome be?
my wife and i have some joint accounts, what should we do, they are a car and a time share.

Answer
Your best option at this point is to first consult with a local bankruptcy attorney in your area. Most bankruptcy attorneys offer a free consultation. It is unclear from your question whether you seek to obtain return of the vehicle or to discharge the debt:
Based on your current financial situation you may be able to discharge the balance for the repossessed vehicle, if that is your objective.

If your objective is to get the vehicle returned, then you may be able to accomplish it through Chapter 13 bankruptcy. This depends on your state law and where legal title and right of possession lie after repossession. Generally you are considered the beneficial owner of the vehicle until the vehicle is sold. In a Chapter 7 you may be able to obtain return of the vehicle through catching up on the payments prior to its sale.  

Although you filed a Chapter 13 bankruptcy before, it does not pose a problem to you filing Chapter 7 or Chapter 13 bankruptcy now. Bankruptcy law limits your ability to receive a discharge in a Chapter 13  if you had filed a Chapter 13 within 2 years of that filing. For a Chapter 7 it limits your ability to discharge debts if you file a Chapter 7 within 6 years of the Chapter 13 filing. Since it has been at least 9 years since the filing of that Chapter 13, it does not pose a problem. With regards to your assets, they may be protected in the bankruptcy depending on their valuation.

If you would like further assistance in the future you can visit us at http://www.socaladvocates.com