Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Totaled car that was not reaffirmed

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Totaled car that was not reaffirmed

    Quick question:

    My car was discharged as part of a BK7 in 2008 and not reaffirmed, but I was continuing to make payments and have about 10 payments left. I got into an accident and the car was deemed to be totaled. Do I need to call Chase Auto (finance company) and let them know? Or once it's been totaled, I get my check from the auto insurance company and I'm done with it? Wasn't sure how that worked or if the BK factored in at all

    Oh,and since there is still a balance due on the car loan, would I even get a check sent to me or does the money get sent directly to the lien holder?

    Thanks!
    Last edited by laurannm; 09-06-2013, 07:47 PM.
    Filed Ch 7 - 07/10/08
    341 Meeting - 08/13/08
    DISCHARGED! - 10/15/08
    CLOSED - 10/20/08

  • #2
    Let the insurance company handle it. You may or may not get a check.

    I cannot say how this will work for you, but you need to let the insurance company know.....
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment


    • #3
      No point in calling Chase. Just file the insurance claim and stop making payments on the loan. Assuming Chase has a perfected lien on the car, my guess is that the insurance company will make a check payable jointly to you and Chase and you will have to endorse it over to Chase. If the check is for more than the balance of the loan, you are entitled to the difference.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        Thanks to you both...so I assume too that if the insurance check isn't large enough to cover the balance of the loan, I am still not on the hook for the deficiency because of the discharge?
        Filed Ch 7 - 07/10/08
        341 Meeting - 08/13/08
        DISCHARGED! - 10/15/08
        CLOSED - 10/20/08

        Comment


        • #5
          I just went through this. My car was not re-affirmed either and totalled with 24 payments to go. My insurance company still dealt with me to negotiate the property damage payment. It took them a little while to get a hold of the Lienholder, however, to get their payoff figure. They went through three bank departments until they could get to someone that would give them a 10 day payoff commitment letter. After that, I went to my agent, picked up my check, dropped off my title and spare keys. The Lienholder still got paid, and I got the difference. However, even though the Lienholder was paid off, it won't show as such on your credit report because the debt was discharged in BK.
          Chapter 7 filed 10/8/10...341 Meeting 12/6/10....Discharged 2/16/2011....Case Closed! 3/1/2011

          Comment


          • #6
            Originally posted by laurannm View Post
            Thanks to you both...so I assume too that if the insurance check isn't large enough to cover the balance of the loan, I am still not on the hook for the deficiency because of the discharge?
            Correct.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment


            • #7
              Thanks! So on a slightly separate note, I keep hearing the phrase "negotiate a settlement" with the insurance company. Any advice on the best way to that? When the adjuster comes back and offers the settlement, what negotiation tactics should I use to ensure I am getting a fair deal? Never been thru this before
              Filed Ch 7 - 07/10/08
              341 Meeting - 08/13/08
              DISCHARGED! - 10/15/08
              CLOSED - 10/20/08

              Comment


              • #8
                http://www.nadaguides.com is what my insurance company used. Look up your car here, it gives you the low/medium/high "black book" value. My insurance company didn't use the blue book value, as that can fluctuate the value by personal sales.
                Chapter 7 filed 10/8/10...341 Meeting 12/6/10....Discharged 2/16/2011....Case Closed! 3/1/2011

                Comment


                • #9
                  I'm a little lost on this one. Maybe MA law is different than FL but I was under the assumption that when a person signed a Retail Installment Contract the lienholder was listed on the title and was listed as loss payee on your insurance policy. If not, I'm sure the lienholder would have added barge insurance to protect their interest in the car. When you contact the insurance company after an accident, the bank is notified. If your car is totalled, the value is pulled from NADA. Black Book values are used between auto dealers as they are strictly wholesale prices. I've never heard of negotating with insurance companies unless your car was "super clean". Sometimes you have to have extra insurance to cover things like pricy ad ons or aftermarket electronics.
                  I'm surprised that if you didn't reaffirm your car loan and if it was included in your BK that the lienholder didn't repossess or that the BK judge didn't make you give up the car unless it wasn't worth anything. But then again laws are different in all states. Normally if your car was worth more than what you owed, you would be given the residual. I not sure if you owed more if you would be on the hook for the remainder because of your BK. Please let us know the outcome. Thanks.

                  Comment

                  Unconfigured Ad Widget

                  Collapse
                  Working...
                  X