Vehicle Question

[ccidiot01]

We have a vehicle that we listed as a debt we were keeping. We had to do this in order to pass the Means Test. In reality, it is unlikely we will reaffirm this debt.

Any idea how long we need to keep paying this? Through the 341 meeting or until March when our last day for objections is currently set? I will ask my attorney when we speak this week, but thought I'd get some feedback from gallery...

Also, how quickly will a finance company repo a vehicle during bankruptcy if you fall behind on the payments?

[SinkingFast]

I don't know the answer to how long you have to pay.

I do know, if you fall behind in your payments while in BK, the Auto Loan Lender is gonna have to file a Motion to Lift Stay. Because you're under protection of the Automatic Stay, the Lender cannot talk to you or repo the car without going thru the Lift Stay process.

Personally, I'd think that would be a huge red flag to the Court, myself to have that happen. So maybe there's your answer.

[HHM]

Basically, you should try to keep paying on it all the way through, and past discahrge. However, the car company may call your bluff, if they send a reaffirmation agreement and you don't sign it, the game is up. However, some car finance companies don't bother with reaffirmation agreements. So you might get lucky.

[periwinkle13]

Like you, we had to have our vehicle to pass the means test. In the beginning, we didn't know if we were going to reaffirm, but it did not end up mattering. The car lender sent our attorney reaffirmation papers and we either signed or we turned over the car, period. The choice was taken away from us.

[SinkingFast]

I just pulled this up for someone else in another thread. I realized it has application for you as well.

http://www.bankruptcyforum.com/showthread.php?t=8093