Repo After BK 7

Ok first off I’m sorry if this has been posted before, I tried finding it but couldn’t.

I was discharged in February 2008, and I reaffirmed my car. I have been fine with the payments after the BK, but recently I left the finance industry and I’m not making nearly what I was.

SOooo I can’t afford the car any longer.

Here is where I need some help. If I voluntary turn in the car, I know they will auction it off to regain some of their money back. Now I understand if the car is upside down by say $7k or $8k, they will try and come after me for that money.

IS THIS PART CORRECT? Or is there anyway I can be excused because of the BK? (Probably not but I have to ask)

If they come back to me for the money, is there ANYWAY I can get out of repaying the upside down amount?

Then if they do come back to me for this money, do they sue me? Or do they come to me and see how much I can pay towards this?

Don't know if this matters but the financing is through Nissan Motor Acceptance.

If you reaffirmed the loan, then you are responsible for the debt. Look at it this way......reaffirming a debt is like excluded it from discharge or it's like acquiring new credit after your BK.

If you allow the vehicle to be repo'd or you voluntarily surrender it, the lender will sell the vehicle and whatever unpaid balance remians, you will begin top receive calls and letters. The lender may be willing to work payment arrangements with you fro the unpaid balance, or you can let them sue for it. Either way, you'll have to repay the debt owed.

You could attempt to have the debt forgiven, but you would have tax implications from this. Be advised though, you need to be able to prove that you are unable to pay the debt in order for the debt to be forgiven. For example, you are unable to make an income.