My FICO is now in the 500s!!

[inpain66]

Yikes! My FICO has dropped into the 500s now from getting behind in payments.

I am still months from having all the money to file for chapter 7.

I am sure my credit union will take my car even though I am not behind. I am really afraid I will not be able to finance another car due to the fico score.

I am stressed to the max and very depressed.

If I lose my car I will lose my job and be cut off from friends and family.

[myid4u2c]

If your payment is current the Credit Union will not take your car back. They do not want your car they want their money. If they take the car they will get less than they will from you.

As far as getting the money to file, if you stop paying your credit cards can you not get the money rather quickly?

[Mark80]

Yep, if your for sure filing chapter 7 in the next 6 months go ahead and stop all unsecured payments. Also go meet with an Attorney now, one that will do a free consultation if you have not. They will get you started on all the paperwork.

Main thing, don't worry everything will work out. It took me a long time to finally file and I am still in the thick of it. I worry each day something is going to go wrong with it, but I do feel much better.

Why do you think your credit union is going to take your car? No way they would take it, thats the last thing they would want to do.

And why would losing your Job cut you off from your friends and family?

[JRScott]

So long as your current on your car regardless of your FICO score they can't take it. So don't worry about that.

[inpain66]

Yes the credit union CAN take my car!!

Credit unions are different than banks. I have a personal loan with the credit union and a visa and the car loan. If I default on the personal loan or visa they take the car even if I file and even if I am current on the auto loan.

They have special rules =(

[drowningNdebt]

If you keep your car payment current they can't take it. You are referring to cross colateraliztion if I'm not mistaken. You will not get the title if you pay the car off and don't pay the outstanding balances on the other loans. Only other way is to reaffirm the auto loan through the credit union and let them know you want the cross colateralization removed when you file BK.

[drowningNdebt]

Now let me add, if you have equity in the car, it's a newer model, then yes they may want it back. Example you owe 10k and the car is worth 15k. Hope this helps.