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Just signed the petition....

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    #1

    Just signed the petition....

    Ok, Due to timing we signed the paperwork today and the lawyer is filing in the morning. We have 2 vehicles and one is negative equity and the other is positive. We are re-affirming the one with positive equity and plan on surrendering the other.

    How long after we file will the bank be coming for the one we are surrendering?
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    #2
    Once you are in default, the lender will file a motion to lift the stay. If the motion isn't contested (you do not have to appear because you're surrenduring), the the motion to lift the stay will be granted. From there, it could be a few short days or a few long weeks. It's hard to say exactly how long. When I decided to surrender my vehicle, which the last payment was made in April, 06 (2 months after my discharge), the lender did not recover the vehicle until Sept., 06......so......it may take a while.

    The lender may also contact you about making arrangements to recover the vehicle. This could be setting a date to make the vehicle available outside of your residence, or you delivering the vehicle somewhere.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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      #3
      We are already late and Capital One is calling 5 times a day. We really need the vehicle for the next few weeks since we were not able to get a replacement vehicle yet. I have been avoiding them but since we are filing tomorrow they will get a letter stating this so I am just wondering if they will immediately send out a repossession crew to get it or if the BK will delay this.

      If the stay goes into effect immediately after filing tomorrow will I get informed from the court or my lawyer when the motion to lift is granted and they are coming?

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        #4
        The stay goes into effect immediatly. Find out from your attorney what the proceedure usually is for pick up. I originally was going to reaffirm both of our vehicles, but did not. Giving the upside down vehicle back now so my attorney has to file a motion to surrender. My payment is due tomorrow. I will not make that payment and the motion will be filed later this week or next
        Then, my attorney says I have at least 45 days to surrender.

        I have heard from others that it is much longer - just like BassBoy said.
        Filed CH 7 9/30/2008
        Discharged Jan 5, 2009! Closed Jan 18, 2009
        I am not an attorney. None of my advice is legal advice in any way..

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