Car In Bankruptcy,help!!

[nic23]

Hi everyone, I have been reading all posts for the past 3 months! As Ive been deciding whether to proceed with a bankruptcy. You guys have been so much help with Q and A's! Now I have a big Q! Im a college student, I only make close to 900/mo working pt, and it all goes to rent, car payment($320,365) respectively, and you can imagine how I try to stretch the balance b/t my other expenses(gas, electric, cell phone, food, gas)! Im always in the negative every month, having to borrow money from parents, plus Im on a payment plan to finish paying for my school expenses. I go to a really great prestigious university and I want to succeed here! hence I felt like this was the only way out is to file, b/c I am stressed and I cant work more than p/t with a full class load. I am 35,000 in credit debt, medical,etc. since I graduated high school, Im 23 now. $15,000 comes from my car I purchased 2 years ago. I thought a $365 payment would be okay,BIG MISTAKE! I have been behind several times and have caught up in time when I was days from repossession! Now since Ive filed bankrupt, I did it just in time when I was a week from repo. This put me in an automatic stay from what my lawyer told me. The great news is, I got smart and I saved the 365 each month, b/c I knew I was either going to keep the car or get rid of it for something cheaper and I knew I needed a down payment, I had no room to save otherwise. My 341 meeting is nov 1. I want to definitely make a fresh start, with no debt behind me! I dont know how long the automatic stay will last for me to keep looking for a cheaper and reliable car. If needed I have the money saved up to just catch up on my car now, if Im left out of options once my automatic stay is up, but it'll be hard to save up that much money again. My car is included in the BK, and dealers have been telling me to come to them once Im discharged, but I have no room to save for a down payment again. One dealer actually told me she could get me something the day of my 341 meeting, especially with the deposit I could do, which right now, is a little over 1,000. My question is how long does an automatic stay last for a repo. of your car(right after the 341 meeting, or 30 days later?) so I'll have time to find the right car at a low cost! I definitely need a car for getting to school and work! it kind of sucks b/c most dealers want you to be discharged before they'll help finance you even for a 3k-5k car. but I dont know if I have time for a discharge, which wouldnt be until 2 months after my meeting, before they take my current car, I think. I dont want to put any more money into this car, when I want to give it up! Im doing great with saving from the payments, but how much time do I have to get another one??

Thanks So Much, if anyone is able to help me!

[Viper]

My question is how long does an automatic stay last for a repo. of your car(right after the 341 meeting, or 30 days later?) so I'll have time to find the right car at a low cost!

The automatic stay lasts until you are either discharged or dismissed, however if you are giving up your car in the BK, the bank can file a relief from stay. Once the courts approve their filing they can come for the car at any time.


-Viper

[vk2004]

My husband and I filed chapter 7 and had our 341 on August 24th. We decided since both of us lost our jobs that it was most important to use to keep a roof over our kids heads and not keep our cars. My husband has since gotten a job and we can make the house pmnt, but NOT the house and cars...that's what lead us to giving up our cars. Anyways on September 19th around 10:30 pm there was a knock at the door, and it was the repo man getting the car. Although we haven't heard a word and nothing on pacer about the other car company asking for a relief of stay and from what I have heard if we get discharged and they still haven't requested the relief then they can come anytime after that to get it.