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How long does the automatic stay last?

By Florida Law Advisers, P.A. |

The automatic stay will be put into effect the instant either a Chapter 13 or Chapter 7 case is filed. Generally, the automatic stay will remain in effect throughout the duration of the case. However, creditors may be granted relief from the stay, with approval from the court.

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What is the fastest way to stop a car repossession?

By Florida Law Advisers, P.A. |

As soon as a bankruptcy case is filed, an automatic stay will instantly be put into effect. The stay will prevent the bank from attempting to repo the car.

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Can I stop a car repo with a payment plan?

By Florida Law Advisers, P.A. |

Yes, Chapter 13 provides car owners with up to 5 years to pay off the car loan. In many cases, 5 years is enough the time for the owner to catch up the payments. Additionally, by spreading the payments over a new 60-month loan it helps reduce monthly payments.

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Can a bank repo my car without notice?

By Florida Law Advisers, P.A. |

If a borrower fails to make timely payments the lender may begin the repossession process. The car can be repossessed without notice to the car owner. Banks will usually not provide notice to prevent the owner from hiding the vehicle.

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Will bankruptcy stop a car repossession?

By Florida Law Advisers, P.A. |

Yes, when a Chapter 7 or Chapter 13 case is filed an automatic stay is instantly put into effect. The automatic stay is a federal law which stops all forms of collection activity, including car repossessions already scheduled to occur.

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How does Chapter 13 prevent a car repossession?

By Florida Law Advisers, P.A. |

In Chapter 13 bankruptcy, the borrower can have up to 5 years to pay off the car loan. This provides time to catch up on payments by spreading the past-due balance over essentially a new 60-month loan.

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