What should we do? [Archive] - Bankruptcy Forum

momto4

05-22-2007, 09:28 AM

had our 341 meeting on May 1st so we are in the 60 day club and not expecting any issues to arise. We reaffirmed our truck, knowing we had 60 days to think about it without the threat of repo. We are current in our payments but because our credit was shoddy when we bought it, we owe waaaaaay more than it's worth. I like it (ford expedition) and was willing to drive it into the ground so I figured what the heck, but after researching on this thread, I am thinking that the best decision may be to turn it in. I just can't afford to be without a car and don't have the cash to get something decent without payments.

DH has a car that he owns but it's a point a to point b car, not relaible enough to be the main means of transportation. He is planning to sell it and use the money for a down payment on two vehicles.

SHould we just keep the ford, wait until the last minute to resind the re-affirmation. If we do it now, will they come right away and take the car?

Help!!!

SinkingFast

05-22-2007, 10:24 AM

Call your attny and schedule a half hour appt. When you go in, chat about rescinding the Reaffirmation and ask about a 722 Redemption Loan.

Some of the 722 Loan companies actually sell cars. Late model, used. Maybe not your choice of vehicle. But it could get you into a payment you're comfortable with and a reliable car that will do for a while.

The only time you qualify for a 722 loan is during the 90-120 days between filing and Discharge. Your attny would have to arrange it and sign off on it. And the Trustee would have to approve it too, I think. But since you're already making payments on a car, it shouldn't be a problem.

Just an alternative thought for you.



	Bankruptcy Forum > After the Discharge > Buying a car after BK > What should we do? PDA What should we do? momto4 05-22-2007, 09:28 AM had our 341 meeting on May 1st so we are in the 60 day club and not expecting any issues to arise. We reaffirmed our truck, knowing we had 60 days to think about it without the threat of repo. We are current in our payments but because our credit was shoddy when we bought it, we owe waaaaaay more than it's worth. I like it (ford expedition) and was willing to drive it into the ground so I figured what the heck, but after researching on this thread, I am thinking that the best decision may be to turn it in. I just can't afford to be without a car and don't have the cash to get something decent without payments. DH has a car that he owns but it's a point a to point b car, not relaible enough to be the main means of transportation. He is planning to sell it and use the money for a down payment on two vehicles. SHould we just keep the ford, wait until the last minute to resind the re-affirmation. If we do it now, will they come right away and take the car? Help!!! SinkingFast 05-22-2007, 10:24 AM Call your attny and schedule a half hour appt. When you go in, chat about rescinding the Reaffirmation and ask about a 722 Redemption Loan. Some of the 722 Loan companies actually sell cars. Late model, used. Maybe not your choice of vehicle. But it could get you into a payment you're comfortable with and a reliable car that will do for a while. The only time you qualify for a 722 loan is during the 90-120 days between filing and Discharge. Your attny would have to arrange it and sign off on it. And the Trustee would have to approve it too, I think. But since you're already making payments on a car, it shouldn't be a problem. Just an alternative thought for you.