I filed chapter 7 bankruptcy in August 2004 and was discharged in December 2004. I have a vehicle that is financed that was reaffirmed. What consequences do I face if I want to surrender the vehicle because I cannot afford the note? Can I be sued or will they just come pick it up? Any advice please. Thanks....Still broke after bankruptcy..
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I filed a ch7 15 years ago and at the last minute I ammended my petition to not re-affirm and give the car back for the same exact reason as you. You however already re-affirmed and were granted a discharge. You would probably have to re-open the case if even possible(which I wouldn't do) or just sell the car for as much as you can get for it and pay back the difference. Is the car loan upside down? If you owe about $8000 on the car and they repo it and auction it for around $5000 or so you will owe the bank $3000 which is now not dischargeable since your case is closed. You may get more for the car on a sale then the "repo-man's" auction.
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