Chapter 7 and keeping auto

[down @ out]

Hello,

In 2005 I filed bankruptcy, pro-se, old law. Discharged in early 2006. In my district I was allowed to keep my car without re-affirming the debt as long as I kept my payments current. This I have been able to do.

The car is great and I plan on keeping it and paying it off. One thing i wonder about is why the debt is showing as discharged in the bankruptcy but I am still paying it off and have never made a late payment.

I guess the debt was discharged in the bankruptcy but because of my district I can keep the car and make payments.

Guess it is a two edged sword. On one hand I can keep the car and give it back with no consequences if I can`t pay for it but the negative is I don`t get the credit for paying the car off.

Seems at the end of the day this is the better deal.

Thoughts?


Thanks,


Down & Out

[brainless twit]

I had a similar problem with one of my student loans. They were NOT discharged in my BK (new law), but listed on my CR as IIB. I disputed with all three bureaus, but in the end I called the company directly and told them that if they wanted to report IIB, I wasn't going to pay them any more. A week later, my CR was updated as "pays as agreed, never late."

[SinkingFast]

Many people, Old Law and New, have had the same problem. Even with Reaffirmed Loans too.

You might should try BT's tactic. Take up the Credit Bureau reporting directly with the Lender. Maybe they'll fix it.

The only other recourse you have, that I know of, is to refi the loan on the car. Get a new loan that will report to the Credit Bureaus.