@Anonymous wrote:
Hi all,
I have what in my opinion may be an odd situation with an auto loan that was charged off. I recently filed Chapter 7 bankruptcy and I’m curious if the lender will come for the car. In January of 2021 it was written off as a Profit Loss Write off, per my credit report. I hadn’t made a payment since late 2019. At the time i owed about $20,000. The vehicle never reported as out for repo and I’m currently in possession of it. I never received a collections call or letter from an agency. I haven’t received a 1099 yet, but included the vehicle in my BK. Would my BK discharge the 1099? Would i be able to get the title from the lender if it was or would they withhold it from me? Why wouldn’t the lender come get the car? Is it possible for a lender to the reverse a 1099 write off?
How much is the vehicle worth today? If it's worth anything after towing/impound/auction fees, they will eventually come in the middle of the night or while you're at work and take it from you. With a $20k loan in 2019, I assume the car has to be worth enough to repo. Don't leave anything inside of the car.
